Labor productivity refers to the total amount of output a worker produces in some period of time (an hour, a week, a month, a year)
a. True
b. False
Indicate whether the statement is true or false
True
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When the government sets a price floor which is below the equilibrium price
A. a price ceiling will follow. B. a shortage will develop. C. a surplus will develop. D. the equilibrium price will be maintained.
The figure above shows the market for milk. If 250 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________
A) maximum; $2.50 B) minimum; $2.50 C) maximum; $3.25 D) minimum; $3.25
The linear stages theory of economic growth fails to recognize that increased investment is
a. both a necessary and a sufficient condition. b. a necessary but not a sufficient condition. c. a sufficient but not a necessary condition. d. neither a necessary nor a sufficient condition.
The possibility that a borrower might engage in riskier behavior after a loan is made is called
A) adverse selection. B) liability aversion. C) moral hazard. D) the risk of default.