Marta’s country has advanced technology and highly educated workers. In Jin’s country, workers are also highly educated and have access to the same advanced technology available in Marta’s country. However, the workers in Jin’s country produce more output. What is the most likely cause of this difference?
a. Jin’s country has a smaller population.
b. Marta’s country has more people splitting the work.
c. Jin’s country has more and better-quality tools, machinery, and factories.
d. Marta’s country has better laws protecting property and investments.
c. Jin’s country has more and better-quality tools, machinery, and factories.
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If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the two apples is the candy bar plus the three oranges
a. True b. False Indicate whether the statement is true or false
Currently there is a market demand for toothpaste with baking soda in it. New medical studies show that baking soda has health benefits beyond clean teeth. After these studies are published, the market demand is such that at any price, consumers buy 10 more tubes of toothpaste than they used to. This is a parallel, rightward shift of the demand curve. Which of the following statements is true?
a. Because the curves are parallel, the elasticities don't change. b. Despite the fact that the curves are parallel, elasticity has increased. c. Even though the curves are parallel, the new one is more inelastic. d. There is no relationship between the curves and their elasticities. e. Elasticities on the new demand curve have increased at low prices and decreased at high prices.
A regulated firm is _________, but has no __________
a. a monopolist; control over prices b. privately owned; control over prices c. privately owned; board of directors d. a monopolist; board of directors e. fully autonomous; board of directors
The existence of an inflationary gap should cause
a. wages to fall. b. prices to fall. c. unemployment to rise. d. net exports to rise.