Each of the following increases average labor productivity except :
A. more natural resources.
B. more central planning.
C. more physical capital.
D. more human capital.
Answer: B
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Refer to Figure 16-3. Which group of customers is likely to have a more elastic demand curve (more sensitive to price)?
A) the customers from "The Chateau"—market A B) There is no difference in the elasticity of demand between the two groups. C) There is insufficient information to answer this question. D) the other residents of the neighborhood—market B
An oligopoly model that describes formal collusion is the
a. kinked demand curve model b. cartel model c. cost-plus pricing model d. game theory model e. horizontal merger model
If we compare the Baby Boom generation of workers to the number of workers who came before and will come after them, we realize that, all other things equal, the Baby Boomer's labor:
A. supply will be relatively greater at any wage. B. supply will be relatively lower at any wage. C. demand will be relatively greater at any wage. D. demand will be relatively lower at any wage.
Economists generally favor the use of tradable emission allowances to reduce pollution. However, the use of these allowances has been criticized by some environmentalists. Which of the following describes this criticism?
A) Some environmentalists believe the allowances give firms a license to pollute. B) Some environmentalists believe that the price of allowances is often too high for consumers to afford. C) Some environmentalists believe that Pigovian taxes are a more efficient way to reduce pollution. D) Some environmentalists oppose allowances on legal grounds; they believe the use of allowances is unconstitutional.