Which of the following would increase productivity?
a. an increase in the physical capital stock per worker
b. an increase in human capital per worker
c. an increase in natural resources per worker
d. All of the above are correct.
d
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Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-run c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand
Which of the following groups believes that government policy is undermined by people's incorporation of the anticipated consequences of the policy into their present decisions?
a. Classical school. b. Keynesian school. c. Neo-Keynesian school. d. Rational expectations school. e. Supply-side school.
Jeff decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700 . How much did Jeff pay for his computer?
a. $700 b. $2,300 c. $3,000 d. $3,700
Total surplus is represented by the area
a. under the demand curve and above the price. b. above the supply curve and up to the price. c. under the supply curve and up to the price. d. between the demand and supply curves up to the point of equilibrium.