In 2013, per capita real GDP was roughly half its value in 1960
a. True
b. False
Indicate whether the statement is true or false
False
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Firms that employ statistical discrimination in the labor market will earn higher profits in expectation than firms that do not discriminate (and have no effective screens).
Answer the following statement true (T) or false (F)
The output an economy can produce with one unit of capital and one unit of labor is ________
A) indicated by the A variable in the Cobb-Douglas production function B) commonly referred to as labor productivity C) a variable that depends on how many units of capital and labor are available D) all of the above E) none of the above
If the equilibrium price of widgets is $22, and then a price ceiling of $24 is imposed by the government, as a result,
a. there will be no effect on the widget market. b. there will be a shortage of widgets c. there will be a surplus of widgets. d. the price of widgets will increase.
Holding all other forces constant, if decreasing the price of a good leads to a decrease in total revenue, then the demand for the good must be
a. unit elastic. b. inelastic. c. elastic. d. None of the above is correct because a price decrease never leads to an decrease in total revenue.