Which of the following directly creates growth in labor productivity?
I. Growth in capital per hour of labor
II. Technological change
III. Population growth
A) I only
B) II only
C) I and II
D) I and III
C
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If the price of a product is $10 per unit and the variable cost per unit is $5, the firm is making a profit.
Answer the following statement true (T) or false (F)
If an economy can produce various combinations of food and shelter along a production possibilities curve (PPC), then if we increase the production of shelter along the PPC, which of the following is true?
a. We cannot change the production of food. b. We must decrease the production of food. This forgone food production represents the opportunity cost of the increase in shelter. c. We also increase the production of food. d. The concept of opportunity cost does not apply along PPC.
Which of the following is an example of investment spending?
a. The Miller Company buys a used van to make deliveries. b. The Rodriguez family buys stock in the Bonanza Corporation. c. Claude invests his holiday bonus in rare comic books. d. The Gregor Bakery Company spends its profits on new ovens.
Suppose you observe a decrease in the equilibrium price and quantity of corn. Of the options listed below, this is best explained by:
A. an increase in the cost of growing corn. B. a rise in consumer income assuming corn is a normal good. C. a fall in consumer income assuming corn is a normal good. D. a decrease in the cost of growing corn.