When does technology spillover occur?
a) when a firm passes the high costs of technical research on to society through higher prices
b) when copyright laws prohibit firms from profiting from the research of others
c) when a firm's research yields technical knowledge that is used by society as a whole
d) when the government subsidizes firms engaged in high-tech research
Ans: c) when a firm's research yields technical knowledge that is used by society as a whole
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In order to determine if the quantity of goods and services that an hour's work can buy has increased or decreased between 2000 and 2012, one should compare the
A) 2000 nominal wage with the 2012 nominal wage. B) 2000 real wage with the 2012 nominal wage. C) 2000 real wage with the 2012 real wage. D) 2000 nominal wage with the 2012 real wage. E) 2000 nominal wage with the 2012 nominal wage and the 2000 real wage with the 2012 real wage because both are important factors determining if workers can buy more or fewer goods with an hour's work.
According to Figure 2.5, the United States civilian labor force participation rate in June 2013 was ________
A) 59% B) 43.8% C) 66.7% D) 64.0% E) none of the above
The cost of attending college
a. is entirely monetary and consists of expenditures on tuition, books, transportation, and meals b. is not monetary, but consists solely of forgone income c. is the most valued alternative given up to attend college d. is negligible for most people, because they really have no choice but to attend college e. is the same whether you attend a public or a private college
Which of the following might be an example of an economic argument against advertising?
a. It causes the demand for the good to be more elastic b. It allows the producer to earn an economic profit in the long run c. People may be deluded into thinking that a good with a brand name is better than an otherwise identical generic brand d. The claims made in the ads are almost always false