Labor productivity increased so much in the second half of the 1990s because of
A. cheaper foreign imports used in production.
B. improved information and communications technologies.
C. higher levels of educational attainment by workers.
D. increased foreign competition.
Answer: B
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Which of the following will decrease the demand for fast-food burger workers' labor?
A. More people start working two jobs and eat more fast food. B. The price of pizza, a substitute for burgers, decreases. C. A new technology allows burgers to be produced faster. D. Workers get additional training that increases productivity.
Refer to the information provided in Figure 12.5 below to answer the question(s) that follow. 
Figure 12.5
Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served
A. if the price remained at $10 per hula hoop. B. if the price was higher than $10 per hula hoop. C. if the price was lower than $10 per hula hoop. D. Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.
Both the permanent-income and life-cycle hypotheses modify Keynesian consumption theory by distinguishing the effects of
A) temporary and permanent changes in disposable income. B) changes in the disposable income of upper income and lower income classes. C) changes in labor income and interest income. D) small and large changes in disposable income.
The ability to produce a good at a lower opportunity cost than someone else is called
A) competitive production. B) comparative advantage. C) selective advantage. D) absolute advantage.