Office workers and word processing programs are complements if:
A. a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs.
B. a decrease in the wage paid to office workers leads to a leftward shift in the demand for word processing programs.
C. an increase in the price of word processing programs leads to an increase in the demand for office workers.
D. they perform similar functions.
Answer: A
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An implication of the return-to-entrepreneurship curve is that:
A) for a relatively lower return, there will be more entrepreneurs with at least that return. B) all entrepreneurs in an economy with inclusive institutions have exactly the same return. C) all entrepreneurs in an economy with extractive institutions have exactly the same return. D) for a relatively lower return, there will be fewer entrepreneurs with at least that return.
The distribution of wealth is skewed in part because people with high wealth
A) save very little. B) tend to marry people with similar wealth. C) have very little skills. D) do not earn much more than those with low incomes.
Behavioral economics
a. helps explain why economic decision makers maximize either utility or profit b. assumes that people behave "as if" they are maximizing something. c. is a subfield of economics, but one that is rejected by most economists d. explains why irrational behavior is better than typically "rational" behavior. e. points out that some human behavior is not consistent with any type of maximization
A country with a large, relatively unskilled labor force using labor-intensive methods to grow crops is an example of
a. efficient use of scarce resources b. inefficient use of scarce resources c. a third-world country d. marginal costs