The movement of workers from lower productivity jobs to higher productivity jobs would be an example of:
A. network effects.
B. technological advance.
C. simultaneous consumption.
D. improved resource allocation.
Answer: D
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The efficiency of monopolistic competition
A) is as clear-cut as the efficiency of perfect competition. B) depends on whether the gain from extra product variety offsets the selling costs and the extra cost that arises from excess capacity. C) comes from its excess capacity. D) is eliminated in the long run. E) is equal to that of monopoly.
The substitution effect of a price change refers to
A) the change in quantity demanded that results from a change in price making a good more or less expensive relative to other goods that are substitutes. B) the shift in the demand curve due to a change in purchasing power brought about by the price change. C) the movement along the demand curve due to a change in purchasing power brought about by the price change. D) the shift of a demand curve when the price of a substitute good changes.
All of the following would show a more equal distribution than the distribution of money income EXCEPT
A) total income. B) after-tax income. C) wealth. D) lifetime earnings.
Ideally, insurance companies would like to charge
a. High premium to low risk clients b. Low premium to high risk clients c. The same premium to all clients d. High premium to high risk and low premium to low risk clients