The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:
A. technological progress and increases in the capital stock.
B. higher relative prices and technological progress.
C. higher relative prices and a larger labor supply.
D. technological progress and increases in the labor supply.
Answer: A
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Suppose we believe the income response for hamburger consumption is positive (normal) at low income levels but becomes negative (inferior) at high income levels. Is the log-linear demand function a good choice for this particular product?
A) Yes, the log-linear model has an income elasticity that can be positive or negative. B) No, the log-linear model has a constant income elasticity that cannot change with the income level. C) No, the Engel curves for this case are vertical lines, and this behavior cannot be represented with the log-linear demand function. D) none of the above
Suppose labor supply can be described as ES = 0.1w ? 1000 where w is yearly salary. How many workers are willing to work when the yearly salary is $20,000?
A. 500 B. 1000 C. 200 D. 2000 E. 100
The European Union has relatively large production and income effects on Africa.
Answer the following statement true (T) or false (F)
Use the above table and assume a fixed cost of $200. At an output of 1, MC is
A. 0.
B. $100.
C. $200.
D. $300.