The skills and knowledge possessed by workers are referred to as
a. labor capital
b. human technology
c. labor tools
d. labor technology
e. human capital
E
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Today U.S. protectionism is concentrated in
A) high-tech industries. B) labor-intensive industries. C) industries in which Japan has a comparative advantage. D) computer intensive industries. E) capital-intensive industries.
If you have $1,000 and the Gross Domestic Product (GDP) deflator increases from 100 to 120, then
A) the $1,000 will buy 20 percent less of the goods and services produced by society. B) the $1,000 will buy 20 percent more of the goods and services produced by society. C) the value of the $1,000 increases. D) you will be able to buy fewer goods, but the real value of those goods will increase.
Which of the following statements best characterizes a basic difference between market economies and centrally planned economies?
a. Society relies more upon prices to allocate resources when the economy is centrally-planned than when it is market-based. b. The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy. c. Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally planned economy. d. None of the above are correct.
Under the right conditions, when an online retailer with monopolistic power charges higher prices every Thursday because it knows Thursday shoppers are usually higher earners than other shoppers, it is practicing ______.
a. bundling b. collusion c. price discrimination d. predatory pricing