A likely way to increase the productivity of workers engaged in research and development is to ________
A) increase the size of the labor force
B) increase the number of workers engaged in research and development
C) invest more in the education of scientists
D) increase the national saving rate
C
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Suppose that the price of a pound of potatoes increases from $0.75 to $0.90 . Use the midpoint formula to calculate the percentage change in price
What will be an ideal response?
Total profit is maximized
A. where the difference between total revenue and total cost is greatest. B. at that output level where marginal revenue equals average cost. C. where total revenue is at a maximum. D. at the point where all variable costs are covered.
Suppose Joe has a reliable two-year old Honda Civic that's in excellent condition and that he would be willing to sell for $13,000. Lauren, who is risk-neutral, is considering whether to buy Joe's car. She's willing to pay $14,000 for a two-year Honda Civic that is reliable and only $10,000 for one that's not reliable. Lauren cannot tell whether Joe's car is reliable, but she believes that only 20 percent of two-year old Hondas for sale in the market are reliable and that the other 80 percent are not reliable. Will Lauren buy Joe's car?
A. Yes, because Lauren will be willing to pay Joe more than $13,000. B. No, because Lauren will not be willing to pay Joe $13,000. C. Yes, because Lauren is willing to pay $14,000 for a car that's reliable. D. Maybe, because Lauren might be willing to pay as much as $14,000.
Over the past year, productivity grew 1%, capital grew 0%, and labor grew 5%. If the elasticities of output with respect to capital and labor are 0.4 and 0.6, respectively, how much did output grow?
A. 1% B. 2% C. 3% D. 4%