By the 1930s, when new technology advanced and craft distinctions blurred, the
a. AFL went out of business
b. AFL welcomed nonskilled workers
c. AFL restructured
d. CIO was formed
e. CIO was disbanded
D
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During the 1990s the household savings rate in the United States as measured by NIPA
A) increased dramatically from two percent to almost six percent. B) fell sharply and was only 0.7% by the year 2004. C) increased only slightly because the federal budget deficit was finally eliminated. D) fell to two percent when a federal budget surplus appeared.
Which of the following would be considered a variable input in the long run? a. The size of a firm's plant
b. The acreage of an apple farmer's orchard. c. The production capacity of a machine. d. All of the above.
Assume the price of widgets increases by 22 percent and the quantity supplied increases by 27 percent as a result. The elasticity of supply coefficient is: a. greater than 1, implying that widgets are normal goods. b. less than 1, implying that widgets are inferior goods. c. greater than 1, implying that supply is elastic
d. greater than 1, implying that supply is inelastic.
"The price of compact fluorescent light bulbs fell because of improvements in production technology. As a result, the demand for incandescent light bulbs decreased. This caused the price of incandescent light bulbs to fall; as the price of incandescent
light bulbs fell the demand for incandescent light bulbs decreased even further." Evaluate this statement. A) The statement is false. A decrease in the price of compact fluorescent light bulbs would decrease the demand for incandescent light bulbs, but a decrease in the price of incandescent light bulbs would not cause the demand for incandescent light bulbs to decrease. B) The statement is false because the demand for incandescent light bulbs would increase as the price of compact fluorescent light bulbs fell. C) The statement is false because compact fluorescent light bulbs producers would not reduce their prices as a result of improvements in technology; doing so would reduce their profits. D) The statement is false because it confuses the law of demand with the law of supply.