Data on productivity gains in the 1990s in the United States strongly suggest that a significant share of those gains was attributable to:
A) improvements in education and training.
B) improvements in information technology.
C) substantial reductions in labor costs.
D) increased demand for goods and services.
B
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Which of the following would shift the supply curve for MP3 players to the right?
A) a decrease in the number of firms that produce MP3 players B) an increase in the price of a substitute in production C) a decrease in the price of an input used to produce MP3 players D) an increase in consumer income (assuming that all MP3 players are normal goods)
If the market equilibrium value of the nominal exchange rate equals 0.20 U.S. dollars per franc, but the franc is officially fixed at 0.25 U.S. dollars per franc, then the franc exchange rate is ________ and to maintain this exchange rate there will be ________ in the government's stock of international reserves.
A. undervalued; a net decline B. overvalued; a net increase C. undervalued; a net increase D. overvalued; a net decline
If the government set a price floor at $24
A. there would a temporary surplus, then prices would fall to equilibrium.
B. there would be a permanent surplus, at least until the price floor was lifted.
C. the price floor would not have any effect on this market.
D. the price would rise to the equilibrium price.
If in the short run a firm's total product is increasing, then its:
A. marginal product must also be increasing. B. marginal product must be decreasing. C. marginal product could be either increasing or decreasing. D. average product must also be increasing.