Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. Which technology is the least capital intensive?
A. A
B. B
C. C
D. D
Answer: D
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Which of the following is not an example of money used as a unit of account?
a. A British pound is worth $3.00. b. Auto repairs were $3,000 last year. c. Business travel totaled 12,000 miles. d. Gasoline sells for $1.20 per gallon and oil is $5.00 per quart.
At existing wage rates, hospitals face a shortage of registered nurses (RNs). Some studies have suggested that an increase in RN wages will actually reduce the hours supplied by existing RNs, making it more difficult for hospitals to find RNs. Which of the following is likely the cause of these findings?
A. Constant marginal productivity B. The cost disease C. A substitution effect larger than the income effect D. An income effect larger than the substitution effect
Suppose supply decreases and demand increases. What effect will this have on the price?
A. It will rise. B. It will fall. C. It will remain the same. D. It may rise or fall.
The classical model uses the assumption that
A. economic markets are fragile and have no tendency to move towards an equilibrium. B. interest rates are not flexible. C. monopoly is widespread in the economy. D. all wages and prices are flexible.