The marginal product of labor curve can be shifted to the right by
a. improved technology
b. additional physical capital
c. improved human capital
d. all of the above
e. none of the above
D
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We see evidence of shortages when we see scarce goods beginning to be acquired by
A) price decreases. B) rising nonmoney costs. C) the money price. D) unfair means.
Studies show that ________ households tend to save more of their income than others, and also show that ________ households save more out of tax cuts than others do.
A. poorer; richer B. richer; richer C. richer; poorer D. poorer; poorer
The difference between the short run and the long run is
A) economic profits are negative in the short run and positive in the long run. B) economic and accounting profits are not equal in the short run but are equal in the long run. C) that in the short run at least one factor of production cannot be varied while in the long run all factors of production can be varied. D) the short run is a period less than a year while the long run is a period greater than a year.
Relating to the Economics in Practice on page 340: Europe has a carbon tax, and electricity producers are among the largest of the carbon producing firms. The carbon tax increased the price of electricity, and researchers found that the amount of the tax that was actually passed through to consumers reflected a ________ aggregate demand for electricity.
A. unit elastic B. perfectly inelastic C. slightly elastic D. very inelastic