Which of the following are examples of goods and services that have been subject to maximum prices or may be subject to maximum prices in the near future?
A. gasoline
B. rental housing
C. medical goods and services
D. All of these
Answer: D
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Income inequality in the United States has increased in part due to technological change. How does technological change contribute to income inequality?
A) It reduces the cost of producing goods and therefore lowers the value of labor services. B) It is responsible for a majority of new products on the market, and these products are only affordable to higher-income households. C) It allows manufacturers to produce products with less labor, and this reduction in the demand for labor lowers wages at all skill levels. D) It has created many higher-income jobs for skilled and trained workers, leaving the income of less-skilled workers relatively unchanged by comparison.
When gross investment is greater than depreciation, then the nation's capital stock increased
Indicate whether the statement is true or false
If Japan can produce each unit of steel using fewer resources than Canada uses,
a. Canada has an absolute advantage in steel production b. Japan has a comparative advantage in steel production c. Canada has a comparative advantage in steel production d. Canada may have an absolute advantage in producing steel e. Japan has an absolute advantage in steel production
Which of the following is an explanation for why some poor countries suffer from lower productivity growth?
A. Too much saving has led to the accumulation of capital in poor countries. B. The adoption of technology too quickly hurts the labor force in poor countries. C. Primary education is universal in poor countries. D. Poor countries have lower capital stocks.