Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance.
What will be an ideal response?
Technological advance, quantity of capital, education and training, economies of scale, and improved resource allocation. correct
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If the United States exports planes to Brazil and imports ethanol from Brazil, the price received by U.S. producers of planes ________, and the price received by Brazilian producers of ethanol ________
A) does not change; does not change B) rises; rises C) rises; falls D) falls; rises E) falls; falls
In general, elasticities measure
A) the change in quantity demanded when a product attribute changes. B) the change in consumer spending when income changes. C) the change in an attribute for a percentage change in price. D) the percentage change in the quantity demanded resulting from a fixed percentage change in some attribute.
Average income has been stagnant for many years in
a. Western European counties. b. some Asian countries like South Korea and Singapore. c. some Sub-Saharan African countries. d. All of the above are correct.
The unionization rate of public sector workers is about:
A. 10.3%. B. 17.1%. C. 24.4%. D. 34.4%.