Describe what happens to prices, quantities demanded, and quantities supplied when equilibrium is disturbed
What will be an ideal response?
Disequilibrium occurs when quantity supplied is not equal to quantity demanded in a market. Disequilibrium can produce one of two outcomes: shortage- rise the price or surplus- decrease the price. Anything else
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The idea that contact with others with high levels of human capital increases ones own human capital is called human capital
A) contagion. B) externality. C) transference. D) convergence.
Given the production function q = 4L + K, what is the marginal product of labor when capital is fixed at 50?
A) 54 B) 4 C) 50 D) 250
Several arguments suggest that low-income countries might have an advantage achieving greater worker productivity and economic growth in the future. Give two such arguments
The problem of moral hazard is a problem of hidden action
a. True b. False Indicate whether the statement is true or false