Factor mobility refers to
A. Technological change in the use of capital.
B. Technological change in the use of labor.
C. The ease of reallocating resources.
D. The increase in labor productivity.
Answer: C
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Deflating refers to
a. discounting a future value into its present value by accounting for the opportunity cost of money b. converting a real value into its associated nominal value c. using the discount rate to correct for environmental benefits or costs accruing in some future time period d. none of the above
Suppose a monopolist is producing a level of output such that MR > MC. What should the firm do to maximize its profits?
A) The firm should do nothing — it wants to maximize the difference between MR and MC in order to maximize its profits. B) The firm should hire less labor. C) The firm should increase price. D) The firm should increase output.
The above figure shows three different supply-and-demand graphs. Which graph best represents the market for the air we are currently breathing?
A) Graph A B) Graph B C) Graph C D) None of the above.
When the Current Population Survey (CPS) was introduced in 1940, it was based on a survey of approximately 8,000 households. The CPS survey is now based on a survey of how many households?
A) 8,000 B) 10,000 C) 12,000 D) 20,000 E) 60,000