________ consumption is consumption that does not depend upon the level of GDP.
A) Autonomous
B) Induced
C) Voluntary
D) Disposable
B) Induced
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Which of the following is true concerning the substitution effect of a decrease in price?
A) It will lead to an increase in consumption only for a normal good. B) It always will lead to an increase in consumption. C) It will lead to an increase in consumption only for an inferior good. D) It will lead to an increase in consumption only for a Giffen good.
Frederick Taylor
a. studied the movements of workers as they performed job tasks. b. advocated the use of incentives for superior performance. c. carried on experiments to determine the optimum size and weight of tools. d. developed principles pertaining to the correct routing of work and accurate scheduling of production orders. e. All of the above.
Briefly explain what failure to properly use all capital equipment would do to a production possibilities curve and what that means for the economy.
What will be an ideal response?
Large disparities in wages could possibly result from all but which one of the following?
A. increases in the amount of middle-class jobs B. globalization C. an increase in the demand for highly skilled labor D. skill-biased technological change E. parental investment in a child's human capital