The theory that explains the shift of color TV sets production from the United States to Japan and Taiwan is called the _____ theory
a. productivity difference
b. factor abundance
c. product life cycle
d. preference
e. human skills
c
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Which of the following will cause a decrease in the standard of living for an individual?
A. a decrease in socioeconomic status B. an increase in wealth C. an increase in income D. a decrease in disease
You have decided that you are going to consume 600 calories of beer and snacks at a party Saturday night. A beer has 150 calories and a snack has 75 calories
a. Create a table that shows the various combinations of beer and snacks you can consume. To keep things simple, use only round numbers (e.g., you could choose 1 or 2 beers but not 1.5 beers). b. What is the opportunity cost of a beer?
Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
In 1961, President Kennedy committed the United States to a manned lunar mission by the end of the decade. Few thought it could actually be done, but of course it did, with five months to spare. This story might illustrate a __________ growth theory argument that technological change __________
A) new; can be deliberately accelerated B) new; relies on government policy C) neoclassical; can be deliberately accelerated D) neoclassical; relies on government policy