The increase in living standards of American workers over the past century is primarily due to
a. the success of labor unions.
b. minimum-wage laws.
c. improvements in productivity.
d. None of the above are correct.
c
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An increase in nominal GDP could result from an increase in
i. production. ii. prices. iii. subsidies. A) ii only B) i and ii C) i, ii, and iii D) i only E) i and iii
If a country has a straight (downward sloping) production possibilities frontier, then production is said to be subject to
A) constant opportunity costs. B) decreasing opportunity costs. C) first increasing and then decreasing opportunity costs. D) increasing opportunity costs.
If the absolute value of the price elasticity of demand for a product is greater than 1, then
A) quantity demanded is not very sensitive to price changes. B) demand is elastic. C) demand is unit-elastic. D) demand is inelastic.
User reviews of products on store websites that reassure buyers of the quality is an example of:
A. building a reputation. B. statistical discrimination. C. screening. D. None of these statements is true.