If the per-worker production function shifts up,
A) negative technological change has occurred in the economy.
B) it now takes more capital per hour worked to get the same amount of real GDP per hour worked.
C) an economy can increase its real GDP per hour worked without changing the level of capital per hour worked.
D) the per-worker production function becomes flatter.
C
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Which of the following represent examples of adverse selection?
A) Unhealthy people are more likely to want health insurance. B) Careless drivers purchasing extra auto insurance. C) Risk averse individuals choosing to buy extra insurance. D) all of the above E) A and B only
Briefly explain the factors of production and give an example of each
What will be an ideal response?
At the profit-maximizing output, price is greater than marginal cost
a. for a monopolistically competitive firm only in the short run b. for a monopolistically competitive firm only in the long run c. for a monopolistically competitive firm in both the short run and the long run d. for a perfectly competitive firm only in the short run e. for a perfectly competitive firm only in the long run
The U.S. government sets a minimum wage, which is a:
a. price floor. b. price ceiling. c. point of equilibrium. d. recommended level.