Which is best considered a supply factor for long-run economic growth?
A) Personal consumption expenditures
B)Government spending
C)Full employment of resources
D) The stock of capital goods
D) The stock of capital goods
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The Average Product of Labor is
A) the change in total product resulting from an extra unit of labor, holding other factors constant. B) the ratio of output to the number of workers used to produce that output. C) the amount of output that can be produced by a given amount of labor. D) equal to the marginal product of labor when the average product is increasing.
A country's government would like to raise the price of one its most important agricultural crops, coffee beans. Which of the following government programs will result in higher prices for coffee beans?
A) An import quota on coffee beans B) An acreage limitation program which provides coffee bean farmers financial incentives to leave some of their acreage idle C) An import tariff on coffee beans D) all of the above
Which is NOT an example of moral hazard
a. people eat more at all-you-can-eat buffets b. loggers clear-cut a tract of land rather than when paying per tree felled c. Drivers of heavier, safer cares are less likely to run stop signs d. workers on commission work harder than those paid an hourly wage
Often the pricing of one product can adversely affect the revenue earned from another produced by the same firm. This is possible if
A) the firm can separate customers into separate markets. B) the firm can exploit the different elasticities of different groups of consumers. C) the firm cannot separate customers into separate markets. D) none of these choices.