The movement of workers from lower productivity jobs to higher productivity jobs would be an example of:
A. network effects.
B. technological advance.
C. simultaneous consumption.
D. improved resource allocation.
Answer: D
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Other things constant, which of the following would tend to increase the demand for Toyota autos?
A) A fall in the price of Toyotas B) A fall in the price of Chryslers (a substitute for Toyotas) C) A rise in income, if Toyotas are a normal good D) A rise in income, if Toyotas are an inferior good
The price elasticity of demand is measured by the
A) percentage change in quantity demanded divided by the percentage change in price. B) percentage change in price divided by the percentage change in quantity demanded. C) change in quantity demanded divided by the change in price. D) change in price divided by the change in quantity demanded.
Moving down along an indifference curve: a. total utility remains constant
b. total utility decreases. c. total utility increases. d. total utility first decreases and then increases.
What did the 1958 Treaty of Rome establish?
(a) The European Payments Union (b) The European Economic Community (c) The European Coal and Steel Community (d) The Marshall Plan