A technological advance that increases labor productivity will:
a. decrease the supply of labor as fewer workers are needed.
b. increase the demand for labor as MP rises.
c. decrease the demand for labor as fewer workers are needed.
d. lower wages.
b
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For a given production possibilities frontier, which points are attainable?
A. Points inside the frontier B. Points outside the frontier C. Points on or outside the frontier D. Points on the frontier only E. Points on or inside the frontier
In 2009, there was an unlikely boom in British cross- Channel grocery deliveries to France due to:
a. an increase in French income. b. an increase in French preferences for British food items. c. crop failures in France due to a year-long drought. d. a dramatic weakening of the British pound against the euro over the previous 18 months.
Suppose that a new study is released stating that consumption of orange juice (a substitute for apple juice) reduces the risk of cancer, and a major freeze destroys half of the country's apple crop. What happens to the price and quantity of apple juice?
A. The price of apple juice might rise or fall and the quantity of apple juice falls. B. The price of apple juice might rise or fall and the quantity of apple juice rises. C. The price of apple juice falls and the quantity of apple juice falls. D. The quantity of apple juice might rise or fall, and the price of apple juice rises.
Social costs are
A) costs borne by society whenever a resource-using action takes place. B) costs incurred by government and borne by all taxpayers. C) costs incurred in governmental welfare programs. D) external costs minus internal costs.