What are the typical effects on the labor market of technological progress?
Technological progress typically increases the marginal product of labor, which in turn increases the demand for labor.
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Tax paid on income from a rental property represents _____
a. a consumption tax b. double taxation c. progressive taxation d. estate taxation
A plastics factory emits water pollutants into a nearby river. The marginal private cost of producing plastics and the marginal external cost of the pollutants are both constant with respect to the quantity of plastics produced
If the demand for plastics is downward sloping, what happens to the socially optimal level of output and market price if the demand curve for plastics shifts rightward? A) Optimal price and quantity increase B) Optimal price increases, optimal quantity remains unchanged C) Optimal price remains unchanged, optimal quantity increases D) Optimal price and quantity remain unchanged
The basic economic problem is a situation of
A) limited resources and unlimited wants. B) both limited resources and limited wants. C) limited incomes and unlimited choices. D) unlimited incomes and limited choices.
Elasticity is a useful tool in learning more about the character of demand. It depicts
a. the way to find market equilibrium b. a ratio of percentage changes c. how easily prices adjust to changing market (supply and demand) conditions d. how price changes as quantity demanded changes e. how consumers react to shifts in demand