Suppose you were interested in increasing technological progress in your country. Suggest some ways to do it
What will be an ideal response?
The text offers a number of possibilities. Increasing research and development in fundamental science, allowing a limited number of monopolies that spur innovation, investing in education and the accumulation of knowledge are all policy prescriptions that may be expected to increase technological progress.
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Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college?
A) $19,000 B) $31,000 C) $40,000 D) $45,000
The first table above gives the labor demand and labor supply schedules for a nation. The second table gives its production function
a. What are the equilibrium real wage rate and the level of employment? b. What is potential GDP?
The timeshare condominium in Florida you bought last year turned out to involve many extra costs and restrictions that were not apparent when you bought it. This is an example of
a. natural selection b. moral hazard c. hidden actions d. open-access resources e. hidden characteristics
Which of the following statements is true?
a. If the income elasticity of demand is less than zero, the good is an inferior good. b. Only if the demand curve is vertical will sellers raise the price by the full amount of a tax. c. Two goods are substitutes if the cross-elasticity of demand coefficient is positive. d. A price elasticity of supply coefficient equal to 1.5 means the product exhibits an elastic supply and a 10 percent increase in the price will increase the quantity supplied by 15 percent. e. All of these.