Long-term increases in productivity that have increased the demand for labor, and raised real wages, have resulted primarily from ________ and ________.
A. technological progress; a modernized capital stock
B. a modernized capital stock; an increased labor supply
C. technological progress; an increased labor supply
D. a modernized capital stock; skill-biased technological change
Answer: A
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Bonnie volunteers to help make floral arrangements at a flower shop. She is an example of
A) entrepreneurial ability. B) labor. C) physical capital. D) human capital.
GDP will tend to overstate the productive capacity of a country when
a. economic bads like pollution are produced and then must be cleaned up. b. there is a sizable underground economy. c. nonmarket production represents a large portion of the economy. d. working conditions improve, allowing jobs to be completed safer and faster.
A monopoly coffee shop is deciding on a menu of different cup sizes to sell to a population of consumers, some of whom are high demanders and some low demanders. How would the optimal menu differ depending on whether the consumers can be observably separated into the different types or not?
a. The menu is unaffected by type observability. b. If types aren't observable, the large cup size should be increased to separate the high demander. c. If types aren't observable, the small cup size should be increased to make it more attractive to low demanders. d. If types aren't observable, the small cup size should be reduced to make it less attractive to high demanders.
People make mistakes in allocating their time
a. because they always act irrationally b. despite always having expectations fulfilled c. only when leisure is a normal good d. because acquiring information is costly e. more often when the cost of making a mistake is high