_____ is the theory that was popular before _____ changed the face of economics post Great Depression in the 1930s
a. Classical economics; Milton Friedman
b. Keynesian economics; Monetarists
c. Classical economics; Keynes
d. Monetarist economics; Adam Smith
e. Keynesian economics; Milton Friedman
c
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A learning curve may be stated as L = A + BN-b where L is the labor per unit and N is the cumulative number of units produced. Learning does not occur when
A) b = 0 B) b = 1 C) b > 0 D) b < 0
Which of the following is true of resources?
a. Capital resources include manual labor. b. Natural resources are available in nature and are available at a zero price. c. Labor includes the skills and training people acquire to use in production. d. Technological know-how is an example of a natural resource. e. Human capital is the technical term for a robot.
Two bottles of over-the-counter pain reliever sit side-by-side in a grocery store: Advil (a brand name) sells for $5.00, while Feel Better (not a brand name) sells for $2.50 . In a typical day the store sells some of each type of pain reliever, which suggests that
a. no rational consumer would spend twice as much for Advil as he would for Feel Better. b. some consumers must perceive that Advil is a higher quality product. c. Advil has no incentive to maintain the quality of its product just because of the Advil brand name. d. Advil spends money on advertising to reduce competition in the market.
Comparable worth laws:
A. may correct institutional biases in the labor market. B. always distort market outcomes because they interfere with the price mechanism. C. are necessary even when wages are completely determined by the interaction of labor supply and labor demand. D. are necessary even when institutional biases do not exist.