When the pill was approved for sale in the United States in 1960:
A. it immediately and significantly revolutionized the labor force participation of all women.
B. it was met with a lot of resistance and was even illegal in many places.
C. it had already been legalized since many states anticipated its approval for years.
D. new laws were written to make it illegal, and it remains technically illegal to this day.
Ans: B. it was met with a lot of resistance and was even illegal in many places.
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Suppose the price of chocolate chip cookies is $4.00 per pound and the price of a slice of cake is $2.00 per slice. The relative price of cake in terms of cookies is
A) 1/2 pound of cookies per cake. B) 2 pounds of cookies per cake. C) 1/2 slice of cake per cookie. D) 2 slices of cake per cookie.
Suppose the production of DVD players can be represented by the following production function: q = L0.4K0.4. The firm currently produces q1 units. If all inputs doubled, the new level of output will equal
A) 20.4 * q1. B) 20.8 * q1. C) 0.8 * q1. D) 1.6 * q1.
Domestic firms often claim that foreign firms have an unfair advantage because foreign workers are willing to work for very low wages
a. True b. False Indicate whether the statement is true or false
Refer to the information above. Which of the following represents the steady-state growth rate of output per worker in this economy?
A) 2% B) 3% C) 5% D) 10% E) 15%