How did a great expansion of globalization in the late 1990s increase productivity?
A. Businesses learned how to use computers to produce more output with fewer workers.
B. Businesses began sending workers overseas for more training.
C. Businesses were able to sell in larger markets as tariffs and import quotas were reduced.
D. Businesses learned how to use foreign suppliers to cut costs.
Answer: D
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The interest rate is the
a. rate of investment. b. price of credit. c. rate of return on investment in capital goods. d. expected rate of inflation.
If macaroni and cheese is an inferior good, what would happen to the equilibrium price and quantity of macaroni and cheese if consumers' incomes rise?
a. Both the equilibrium price and quantity would increase. b. Both the equilibrium price and quantity would decrease. c. The equilibrium price would increase, and the equilibrium quantity would decrease. d. The equilibrium price would decrease, and the equilibrium quantity would increase.
Producers have an incentive to produce those goods most desired by consumers at the lowest price in
A. a centrally planned economy. B. a communist economy. C. a market economy. D. All of the choices are true.
A worker will become indifferent between spending the next hour on work or leisure if the benefit of another hour of work is:
A. less than the opportunity cost. B. exactly equal to the opportunity cost. C. constant for each additional hour worked. D. greater than the opportunity cost.