Workers in the United States are ________ workers in China because ________
A) more productive than; workers in the United States have more capital per worker.
B) more productive than; there are more college-educated workers in the United States.
C) less productive than; the labor force participation rate is lower in the United States.
D) less productive than; there are fewer workers in the United States.
E) equally as productive as; China's real GDP per person equals the U.S. real GDP per person.
A
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Why do economists abstract, and is it appropriate?
What will be an ideal response?
Which of the following would be a consequence of substitution bias in the CPI?
A) Judges would award child support payments that would not adequately keep up with the true cost of inflation. B) Businesses would overcompensate employees for inflation when giving cost of living raises. C) Social Security payments would not adequately compensate retired workers for inflation. D) The inflation rate based on the CPI would underestimate the true level of inflation.
Why are many oligopolistic market outcomes conveniently described by a Prisoners' Dilemma?
A) The firms can always achieve the outcome that maximizes joint outcomes. B) The firms could do better than the Nash equilibrium if they collude. C) The outcome of a Prisoners' Dilemma is always efficient. D) The outcome of a Prisoners' Dilemma is always identical to the perfectly competitive outcome.
Figure 2-2
Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. represents the production possibility frontier for beef and wheat. Production at point H is
a.
unattainable given currently available technology and resources
b.
attainable by more fully employing already available resources
c.
attainable by using better technology which is already available
d.
attainable if beef production drops to zero
e.
attainable if all available resources are used to produce wheat