The technological lock-in argument suggests that:
A. more efficient technologies always immediately replace less efficient technologies.
B. existing institutions and technologies are always the most efficient.
C. many of our institutions and technologies may be inefficient but are ingrained regardless.
D. it is inefficient to try and adapt to new technology.
Answer: C
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Which of the following is true of offshore banking?
a. The offshore banks are mainly concentrated in the European Union and the transactions are generally denominated in euro. b. The offshore banks operate with costly restrictions and pay higher taxes than the domestic banks. c. The offshore banks usually charge higher rates of interest on consumption loans than the domestic banks. d. Offshore banks in the U.S. are able to offer a higher rate on dollar deposits and a lower rate on dollar loans than their domestic competitors. e. Offshore banking transactions are considerably less risky than domestic transactions as they are closely monitored by the government of the nations in which they operate.
Which statement is true about labor unions in the United States?
A. Unions have not always been very popular. B. They did not gain widespread acceptance until the 1940s. C. The U.S. has a lower percentage of its work force unionized than most other industrial nations. D. All of the choices are true of labor unions in the U.S.
The demand for labor determines the
A. Minimum wage rate. B. Total number of people who want to work. C. Willingness and ability of people to work at alternative wage rates. D. Number of available jobs.
Use the following production possibilities frontiers to answer the next question.
Curve (a) is the initial frontier for the economy. If the economy's production possibilities then shift to curve (b), then point
A. N would still indicate a case of full production and full employment of resources. B. L would indicate some unemployment or underemployment of resources. C. N would indicate some unemployment or underemployment of resources. D. L would still indicate a case of full production and full employment of resources.