In the absence of discrimination, as human capital investments increase, wages will generally
A) decrease.
B) increase.
C) not change.
D) increase or decrease.
Answer: B
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Having a comparative advantage means a nation can
A) benefit from trade. B) produce at a higher opportunity cost. C) produce more of the good. D) produce without incurring an opportunity cost. E) produce the good at a point beyond its PPF.
The statement that "water is a necessity" is misleading because
A) it does not distinguish fresh water from salt water. B) it fails to specify for whom water is a necessity. C) it incorrectly assumes people use water only or primarily for drinking. D) water is a necessity only in desert environments. E) water is extremely abundant.
If at a price of $24, Octavia sells 36 home-grown orchids and at $30 she sells 24 home-grown orchids, the demand for her orchids is
A) inelastic. B) unit elastic. C) perfectly elastic. D) elastic.
During World War I (1914–18), the government supported the cause of labor when it
(a) reduced the work day to eight hours in all government jobs. (b) reduced the work day to eight hours in all private sector jobs. (c) enforced the eight-hour work day in all government jobs. (d) enforced the eight-hour work day in all private jobs.