Countries such as China and South Korea have increased not only the size of their labor force but also the quality of their labor force over time. Workers in these countries have higher levels of education and skill that promote increases in the productivity per worker. If this is the case, these countries have experienced:
A. both development and growth.
B. growth but not development.
C. neither growth nor development.
D. development but not growth.
Answer: A
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Workers and firms both expect that prices will be 3% higher next year than they are this year. As a result
A) aggregate demand will increase by 3%. B) workers will be willing to take lower wages next year. C) the purchasing power of wages will rise if wages increase by 3%. D) the short-run aggregate supply curve will shift to the left as wages increase.
A consequence of adverse selection is:
A. buyers make irrational decisions because they lack information. B. sellers gain surplus they would have lost with complete information. C. transactions do not take place that would have been possible if the parties had the same information. D. buyers gain surplus they would have lost with complete information.
In the short run, the profit-maximizing monopolistically competitive firm will produce the rate of output at which
A. P = ATC. B. P = MC. C. MR = ATC. D. MR = MC.
Lisa views pizzas and burritos as goods. If she prefers a bundle of 4 burritos and 4 pizzas to a bundle of 4 burritos and 5 pizzas, which property of consumer preference is violated? What change in the assumptions could lead a rational consumer to prefer the first bundle?
What will be an ideal response?