The process of changing a technology to fit local resources is
a. invention
b. adaptation
c. innovation
d. technology transfer
e. all of the above
B
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If the labor market is in equilibrium and then the labor supply curve shifts rightward
A) there will be a shortage of labor at the original equilibrium wage rate. B) there will be a surplus of labor at the original equilibrium wage rate. C) the equilibrium wage rate will rise. D) there will be a surplus of jobs at the new equilibrium.
Economists discourage homeowner bailouts because
a. They encourage irresponsible borrowings b. It increases moral hazard among borrowers c. It punishes responsible borrowers d. All of the above
Which of the following would not be considered physical capital?
A. An optical lens B. A trained physicist C. A spotlight D. A clipboard
Under what circumstances would a voter rationally choose to be ignorant rather than informed of the public choices at hand in an election?
a. When the benefit consumers anticipate from becoming informed and voting exceeds the cost. b. When information and the time required to acquire and digest it are scarce, consumers concentrate on public choices rather than private choices. c. When information and the time required to acquire and digest it are scarce, consumers concentrate on private choices rather than public choices. d. When the anticipated benefit from voting to consumers is lower than the cost.