Lower levels of education and training are often associated with low levels of
a. production.
b. productivity.
c. inflation.
d. both a and b.
d
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Which of the following will shift an economy's production possibilities curve outward?
A. An improvement in technology B. An increase in the unemployment rate C. A decrease in land, labor or capital D. A decrease in the unemployment rate
At the utility maximizing equilibrium for two goods, X and Y, which of the following must be TRUE?
A) The marginal utility per dollar spent on X will exceed the marginal utility per dollar spent on Y. B) The total expenditure will be the same for each good. C) The marginal utility per dollar from X equals the marginal utility per dollar from Y. D) The marginal utility will be the same for each good.
The world's economies can be divided into four main categories according to their annual per-capita income levels. Which one of the following is NOT one of the categories?
A) low-income B) upper middle-income C) high-income D) lower middle-income E) middle-income
Double markup problems arise because
a. upstream firms have no market power b. downstream firms have no market power c. upstream and downstream products are complementary in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product