An unusually large crop of coffee beans would:
A. decrease the quantity of coffee consumed.
B. increase the price of coffee.
C. increase the price of tea.
D. increase the supply of coffee.
Answer: D
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One possible reason the U.S. income distribution has become more unequal is
A) information technology has decreased the demand for unskilled labor. B) information technology has increased the demand for unskilled labor. C) information technology has increased the supply of unskilled labor. D) information technology has decreased the supply of unskilled labor.
The presence of diminishing marginal returns to labor leads to decreasing marginal revenue product of labor and a downward-sloping demand for labor curve
a. True b. False
Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. an increase in quantity supplied of laptops. B. a decrease in quantity supplied of laptops. C. a decrease in supply of laptops. D. an increase in supply of laptops.
One of the two criteria for a resource to be considered capital is that it must:
A) occur naturally. B) be part of a factory or building. C) be a skill or talent possessed by a person. D) be possible to use it to produce other goods and services.