Whether a particular technological innovation is good for a particular worker depends on the effect of that innovation on the worker's:
A. reservation price.
B. labor mobility.
C. union contract.
D. marginal product.
Answer: D
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What resources can a firm change in the short run? In the long run?
What will be an ideal response?
Which of the following is a component of the incomes approach to GDP?
A) consumption expenditure B) wages and salaries C) investment D) government expenditure on goods and services
A binding minimum wage
a. alters both the quantity demanded and quantity supplied of labor. b. affects only the quantity of labor demanded; it does not affect the quantity of labor supplied. c. has no effect on the quantity of labor demanded or the quantity of labor supplied. d. causes only temporary unemployment because the market will adjust and eliminate any temporary surplus of workers.
Suppose that in 2011, 3 million plasma TVs were purchased at $950 each, while in 2012, 4 million plasma TVs were purchased at $800 each. What might have caused this change?
A. The price of LCD TVs (a substitute for plasma TVs) fell. B. The price of LCD TVs (a substitute for plasma TVs) rose. C. There was an advance in plasma TV manufacturing technology. D. There were fewer workers in plasma TV manufacturing.