Economic theory suggests that the standard of living of American workers would rise if
a. automation were outlawed.
b. the minimum wage were doubled.
c. technological change increased output per worker.
d. a larger proportion of the labor force was unionized.
c. technological change increased output per worker.
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Peter's Pencils is a perfectly competitive company producing pencils. Suppose Peter is producing 1,000 pencils an hour. If the total cost of 1,000 pencils is $500, the market price per pencil is $2, and the marginal cost is $2, then Peter
A) makes an economic profit because marginal revenue is equal to marginal cost at this output level. B) should decrease his output to increase his profit. C) is maximizing his profit and is making an economic profit. D) should increase his output to increase his profit. E) is not maximizing his profit but is making zero economic profit anyway.
If an economy is growing at a rate of 2.5% per year, how long will it take the economy to double in size?
A) 60 years B) 43 years C) 36 years D) 28 years
Suppose an attorney has hired a very well-educated secretary that is not only more productive in filing briefs but also more productive at typing than he is
Can you provide any explanation for why it might still make sense for him to continue filing briefs while the secretary continues to do the typing?
Answer the following statements true (T) or false (F)
1. When U.S. citizens travel on United Airlines to Japan, this constitutes a debit in the U.S. balance of payments. 2. The financial account includes income earned on investments made in prior years. 3. When a U.S. citizen buys goods from a foreign merchant, the goods are usually paid for by having the U.S. citizen send a personal check or dollars directly to the exporter. 4. Although prices in the United States and France may be stable, changes in the exchange rate between dollars and euros can make the actual cost of trade more expensive for one or the other. 5. As the price of foreign exchange increases in terms of the U.S. dollar, U.S. products become cheaper for foreigners to buy.