Which of the following would be most likely to improve the standard of living of the residents of a less-developed country?
A. the development of strong labor unions
B. a sharp increase in the legal minimum wage
C. an increase in expenditures on education and capital investment
D. rapid growth rate of the money supply
Answer: C
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Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the marginal utility he receives from iced tea is 16 utils, and the marginal utility he receives from lemonade is 8 utils
Instead of consuming this bundle, Alfred should: A) buy more iced tea and less lemonade. B) buy more lemonade and less iced tea. C) buy more iced tea and lemonade. D) buy less iced tea and lemonade. E) none of the above is necessarily correct.
The unemployment rate equals the
A) number of employed persons divided by the number of unemployed persons. B) number of unemployed persons divided by the civilian non-institutional population. C) number of unemployed persons divided by the civilian labor force. D) sum of unemployed persons and discouraged workers divided by the civilian labor force.
Suppose robotic technology improves the results of abdominal surgery - less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact of this new technology on the market for abdominal surgery?
a. Demand for robot-assisted surgery will increase, and prices will fall. b. Demand for robot-assisted surgery will increase, and prices will rise. c. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices. d. The demand for surgical assistants will increase. e. Increased demand will result in lower prices.
Which of the following is not a source of inequality in incomes?
A. Redistribution of income B. Differences in intensity of work C. Differences in ability D. Risk taking