Which of the following examples are substitutes in production?
a. shoes; polish
b. 2 percent milk; cream
c. baseballs; footballs
d. crude oil; motor oil
c. baseballs; footballs
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Sonia was a great bookkeeper 20 years ago, then left the workforce to stay home and raise her children. Now that they're in college, Sonia looks for another bookkeeping job, but they all require computer skills that she doesn't have. Sonia would be considered:
A. frictionally unemployed. B. structurally unemployed. C. Sonia is not in the labor force.. D. seasonally unemployed.
Which of the following statements is correct?
a. Approximately 50 percent of our national income is allocated to human capital, while the remaining 50 percent is allocated to physical capital in the form of rents, interest, and corporate profits. b. As union membership as a share of the U.S. labor force has declined during the last three decades, the share of national income allocated to physical capital has risen. c. Unions have consistently opposed minimum wage legislation because it tends to cause unemployment. d. During the past several decades, the share of output going to capital has been virtually constant, even though union membership as a share of the labor force has decreased.
The inflation tax falls mostly heavily on
a. those who hold a lot of currency and accounts for a large share of U.S. government revenue. b. those who hold a lot of currency but accounts for a small share of U.S. government revenue. c. those who hold little currency and accounts for a large share of U.S. government revenue. d. those who hold little currency but accounts for a small share of U.S. government revenue.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.