An increase in technology causes the optimum level of capital per worker to rise in the long run or steady state
a. true
b. false
Answer: a. true
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A Chinese restaurant wants to expand its business by acquiring a neighboring dry cleaner. In this case,
A) eminent domain would likely be used to reduce transactions costs. B) eminent domain would likely be used to reduce the holdout problem. C) eminent domain would not likely be used. D) eminent domain would likely be used because this transaction would increase cooperative surplus.
A backward-bending portion of an individual labor supply curve is most likely to be observed: a. at lower wages
b. at higher wages. c. in manufacturing industries. d. in service industries.
The term barter refers to exchanges made:
a. only with the use of money. b. without the use of money. c. outside the U.S. economy. d. only in underdeveloped countries. e. within countries in a monetary union.
Slope is measured as run/rise
a. True b. False Indicate whether the statement is true or false