Suppose that a new invention increases the marginal productivity of labor, shifting labor demand to the right. Such an invention would be an example of
a. labor-saving technology.
b. labor-augmenting technology.
c. revenue technology.
d. supply-shifting technology.
b
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What did the growing inequality of income during the 1920s indicate?
(a) That consumption expenditures would tend to weaken even though total income continued to rise (b) That spending for goods and business incentives to produce those goods became increasingly dependent on the wealthy (c) That the economy became more vulnerable to any shock, such as a stock market crash, that reduced the willingness of the wealthy to buy goods (d) All of the above
The theory of regulatory behavior that predicts that the "regulators" eventually will become controlled by the "regulated" is called
A) the capture hypothesis. B) the the share-the-gains, share-the-pains hypothesis. C) the asymmetric information hypothesis. D) the market failure hypothesis.
In the above figure, the range of unit elasticity occurs
A) on the vertical axis. B) on the horizontal axis. C) between point c and point d. D) below point e.
Which of the following games might a risk-averse person play?
a. a game where she has a 70 percent chance of winning $1 and a 30 percent chance of losing $1 b. a game where she has a 60 percent chance of winning $100 and a 40 percent chance of losing $100 c. a game where she has a 60 percent chance of winning $2 and a 40 percent chance of losing $1 d. All of the above are correct.