Knowledge is an example of a
a. public good.
b. private good.
c. common resource.
d. club good.
a
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When measuring economic growth, economists typically focus on per capita real GDP in order to account for variations in the:
a. size of the population b. price level c. quality of goods and services d. both (a) and (b) above
The optimal number of workers to be hired by a firm operating in a competitive labor market is where:
a. P = MRP. b. MRP = w. c. P = w. d. MP = MRP.
With few applicants and several key positions to fill, the owner of a computer support company increased the starting wage offered from $20.00 to $25.00 per hour. With the higher wage, there were more qualified applicants than needed, and all the positions were filled. What is true of the increased wage offer?
a. It sets $25.00 as the equilibrium wage. b. It establishes the equilibrium quantity. c. It attracted a surplus of labor. d. The quantity demanded exceeded the quantity supplied.
Recall the Application about the study done about the perceptions and behavior of the unemployed in Great Britain to answer the following question(s).According to this Application, the more unhappy the unemployed individuals were about their situations:
A. the more likely they were to remain unemployed. B. the more aggressive they would be to try to find a job. C. the more they congregated around others who were unemployed. D. the longer they collected unemployment benefits.