Over the past couple of years, prices for personal computers have fallen dramatically, but suppliers have offered more and more of them for sale. Does this refute the law of supply? Explain
No. The price has fallen in response to the increase in supply of personal computers, which was caused by
technological innovation.
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Industrialization through heavy capital investments required savings by households, businesses and/or government bodies
Indicate whether the statement is true or false
What is cost-benefit analysis? Suppose that you were asked to do a cost benefit analysis of tearing down an elderly woman's ancestral home to provide space to expand a local high school. What difficulties might you encounter?
What will be an ideal response?
One reason Henry Ford is famous was for instituting:
A. assembly lines in an effort to reduce worker turnover. B. efficiency wages in an effort to reduce worker absenteeism. C. minimum wages in an effort to increase productivity. D. unemployment benefits in response to the first unionized workers.
According to human capital theory, which of the following is not a reason college graduates earn more than those with only a high school degree?
A. College graduates insist on a financial return on their human investments. B. College graduates are made more productive by their greater training. C. Jobs that require more education must pay higher wages to attract enough workers. D. Income effects are higher for jobs requiring more education.