Over the long run, technological change increases both labor productivity and unemployment rates
a. True
b. False
Indicate whether the statement is true or false
False
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When Sam's annual income was only $15,000, he purchased 50 pounds of bananas a year. When his income rose to $18,000, he purchased 55 pounds a year. Therefore
A) for Sam, bananas are an inferior good. B) his income elasticity of demand for bananas is negative. C) his income elasticity and price elasticity of demand for bananas are both greater than one. D) for Sam, bananas are a normal good.
How will the price and output of a monopolist compare with perfect competition?
a. The output of the monopolist will be too large and the price too high. b. The output of the monopolist will be too large and the price too low. c. The output of the monopolist will be too small and the price too high. d. The output of the monopolist will be too small and the price too low.
In the same city, one job currently pays $6 more per hour than another job. The two jobs have equivalent training requirements, but labor is not migrating toward the higher-paying occupation. Both markets are perfectly competitive. Which of the following conclusions is correct?
a. The lower-paying occupation has less attractive nonmonetary characteristics. b. There are barriers to entry into the higher-paying occupation. c. The higher-paying occupation has a dominant labor union. d. There are barriers to entry into the lower-paying occupation. e. The higher-paying occupation has less attractive nonmonetary characteristics.
As far as contributions to a professional sports team's bottom line are concerned, players generally receive
a. about what they are worth. b. about half of what they are worth. c. about twice what they are worth. d. about ten times more than what they are worth.