The more times a worker performs a particular task, the more proficient the worker becomes at that task. This source of productivity increase is called
A) repetition. B) specialization. C) continuity. D) innovation.
A
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Since its inception in 1913, there have been many revisions to the income tax code.
A. True B. False C. Uncertain
Which of the following would cause an outward shift of aggregate demand?
a) an increase in interest rates b) an increase in tax rates c) the expectation of higher income d) improvements in technology e) an increase in imports
Assuming P is calculated in dollars, how much do hamburgers and milkshakes cost?
a. hamburgers: $1.00; milkshakes: $1.00 b. hamburgers: $1.00; milkshakes: $2.00 c. hamburgers: $2.00; milkshakes: $1.00 d. hamburgers: $2.00; milkshakes: $2.00
Figure 14.3 represents the market for used refrigerators. Suppose buyers are willing to pay $300 for a plum (high-quality) used refrigerator and $100 for a lemon (low-quality) used refrigerator. If buyers believe that 50% of used refrigerators in the market are lemons (low quality), what fraction of used refrigerators sold will actually be lemons (low quality)?
A. 50/250 B. 50/300 C. 250/300 D. All of the refrigerators sold will be lemons.