How does human specialization contribute towards increasing an economy's output?
A. It exploits the differences in abilities
B. It is a process of creative destruction
C. It pushes each worker to master the whole product
D. It encourages people to be "jacks-of-all-trades"
Answer: A
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The board of education of a school district faced with a surplus of teachers, but unable to lower salaries because of union contracts, will
A) be unable to balance the quantity supplied with the quantity demanded. B) have to hire fewer teachers than it wants to. C) have to hire more teachers than it wants to. D) tend to have relatively few young teachers on its payroll.
The entry of firms into a perfectly competitive industry causes the supply curve to
a. increase its slope. b. decrease its slope. c. move toward the right. d. move toward the left.
Who would be included in the labor force?
a. Maggie, who plans to work at the newspaper next year when she turns 16 years old. b. Lisa, who is unhappy with her current job. c. Bart, who is a full-time student and uninterested in finding employment. d. None of the above is correct.
In the Solow model, if k = 8, y = 20, and s = 0.2, what is c?
A. 20 B. 12 C. 16 D. 24