The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) technology.
B) labor productivity.
C) real GDP.
D) human capital.
Answer: B
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A fireworks show has been arranged in a park. The ticket for the show is $5 but only 40% of the tickets get sold as spectators can watch the show without entering the park. This is an example of ________
A) the free-rider problem B) the paradox of thrift C) the paradox of plenty D) the tragedy of the commons
When demand elasticity is ____ in absolute value (or ____), an increase in price will result in a(n) ____ in total revenues
a. less than 1; elastic; increase b. more than 1; inelastic; decrease c. less than 1; elastic; decrease d. less than 1; inelastic; increase e. none of the above
Justina operates in a perfectly competitive market. Which of the following is her short-run supply curve?
a. the MC curve above its point of intersection with the ATC curve b. the market supply curve c. the MC curve above its point of intersection with the AVC curve d. the market demand curve e. its MC curve
What is a necessary condition for being categorized as unemployed?
A) Being homeless B) Actively searching for a job C) Having no source of income D) Having no hope of finding a job in the foreseeable future