Explain why Hong Kong has experienced faster economic growth than the United States
What will be an ideal response?
Hong Kong chose to devote a greater proportion of its available resources to the production of capital than the United States. This allowed Hong Kong to grow at a faster rate than the United States. By foregoing consumption and producing a greater proportion of capital goods over the last few decades, Hong Kong was able to achieve output per person equal to 94 percent of that in the United States.
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Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice
She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.
A prominent argument against the use of price ceilings is:
A. they lead to a surplus and a waste of society's resources. B. they are unfair. C. they raise corporate profits. D. they lead to rent seeking.
Workers who work the night shift are often paid more than those who do identical work on the day shift. This is referred to as a
a. discriminatory wage practice. b. compensating differential. c. wage inequity. d. a market inefficiency.
If Cov(z,x) ? 0, then z and x are correlated.?
Answer the following statement true (T) or false (F)