The term "labor" for an economist includes
A) all skilled workers, but not the unskilled workers.
B) all productive contributions of humankind.
C) only the value of the work done by scientists.
D) all employees who have high school diplomas.
Answer: B
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Assume the interest rate on a current one-year bond is 3%, and the expected interest rate on the one-year bond one year from now is 6%. If the term premium on a two-year bond is 0.5%, then the interest rate on the two-year bond will be
A) 4%. B) 4.5%. C) 5%. D) 6.5%.
The increase in the availability of organic foods likely:
A. raises equilibrium quantity and price for organic foods. B. lowers equilibrium quantity and raises equilibrium price for organic foods. C. raises equilibrium quantity and lowers equilibrium price for organic foods. D. lowers equilibrium quantity and price for organic foods.
Advocates of steel tariffs to protect U.S. steel firms realize that when imposing such tariffs, the gains of firms are outweighed by the losses to consumers. This implies that
A) such advocates value producer surplus more than consumer surplus. B) such advocates want to help consumers. C) such advocates value consumer surplus more than producer surplus. D) such advocates value producer surplus and consumer surplus equally.
Whether a firm stays in business or shuts down depends heavily on the concept of
A. market share. B. economic profit. C. actual profit. D. concentration ratios.