The number of highly skilled and knowledge workers entering the workforce increases when
(a) firms substitute capital for high priced labor.
(b) the market demands labor with advanced degrees.
(c) the government cuts educational funding.
(d) All of the above
(b)
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When economists speak of the CPI bias, they are referring to
A) the tendency for the CPI to overstate price changes. B) the tendency for the CPI to understate price changes. C) the tendency for the CPI to understate inflation. D) errors in measuring the prices used in the CPI. E) the tendency for government officials to impose their values on the data.
How can we determine separately the cost of producing ham hocks from the cost of producing bacon?
A) By separately estimating the labor time it takes to butcher the hocks and the bacon B) By separately calculating the weight of the hocks and the bacon as percentages of total useable meat C) By consulting the average industry costs of ham hocks and bacon D) There is no way to determine the specific costs of joint products.
If a product exhibits decreasing returns to scale, then the average cost of making the product will ______ as its production increases?
a. Increase. b. Decrease. c. Remain the same. d. There is insufficient information provided to ANSWER the question.
The more elastic the demand for a good,
a. the more of an excise tax is that is collected by sellers b. the more of an excise tax that is paid by buyers c. the more an excise that is paid by sellers d. the more elastic the supply of that good e. the smaller the burden of a tax on that good