Knowledge is human capital plus business know-how.
Answer the following statement true (T) or false (F)
False
Knowledge is technology plus business know-how.
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The real wage rate will fall if the
A) labor supply curve shifts rightward and the labor demand curve does not shift. B) labor supply curve shifts leftward and the labor demand curve does not shift. C) labor demand curve shifts rightward and the labor supply curve does not shift. D) labor demand curve shifts rightward more than the labor supply curve shifts rightward.
Refer to the above figure. A shortage will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 3.
A firm practicing direct price discrimination will charge a higher price to
a. Consumers known to have an elastic demand b. All consumers c. Consumers known to have an inelastic demand d. Consumers known to have a unitary elastic demand
Suppose a technological advancement makes automobiles 50% safer, and at the same time, the prices of automobiles go up by 25%. Is this a pure price change?
A. Yes, because an improvement in quality has caused prices to rise. B. No, because it is not possible to put a value on safety. C. No, because an improvement in quality has caused prices to rise. D. Yes, because the price has gone up.