For a given technology and a given labor force, labor productivity will be ____ when the capital stock is ____
a. higher; larger
b. lower; larger
c. lower; unchanged.
d. higher; smaller
a
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If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), low-income consumers would probably
A) be worse off. B) be better off. C) be no better nor worse off. D) not be subject to the VERs.
What would be the most likely effect on the price of tickets for the Rose Bowl football game if a wealthy alumnus agreed to pay all the travel and lodging expenses of the visiting players?
A) No effect. B) The price would fall. C) The price would rise. D) We have no basis for predicting because college football is a non-profit enterprise.
If the equilibrium price of bread is $2 and the government imposes a $1.50 price ceiling on the price of bread, then:
A. more bread will be produced. B. there will be a shortage of bread. C. the demand for bread will decrease. D. producers will charge $0.50 for bread.
Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2
Refer to Table 9.2. The market price is $42 and this firm is producing four units of output. Which of the following would you recommend to this firm?
A. Increase output to six units so that marginal cost equals marginal revenue. B. Reduce price to $17 so that marginal cost will equal marginal revenue at 4 units of output. C. Increase output to seven units so that price is less than marginal cost. D. Continue producing four units of output, because the firm is able to make an economic profit.