The increase in productivity in the 2000's was most similar to that of the
A. 1960's
B. 1970's
C. 1980's
D. 1990's
A. 1960's
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The country of Zorabia witnesses a huge influx of unskilled illegal immigrants. Which of the following will occur?
a. The equilibrium wage rate in Zorabia will fall. b. The equilibrium wage rate in the market for unskilled labor in Zorabia will fall. c. There will be excess demand for labor in the market for unskilled labor in Zorabia. d. There will be excess supply of labor in the job market for skilled workers.
Suppose that the inflation rate for a given year was 3%. In that year,
a. all prices rose by 3% b. prices on average rose by 3% c. the economy was in an expansion d. the economy was in a recession e. the inflation rate was rising
We refer to situations in which individuals need to act collectively to reach solutions that will make everyone better off as:
A. collective-action problems. B. moral hazard problems. C. free-rider problems. D. public-mind problems.
If the State of California decides to raise the drinking age to 25, what would happen to the demand for beer?
A. The demand for beer will shift left. B. The demand for beer will stay the same, but people will move up the demand curve consuming less. C. The demand for beer will shift right. D. One cannot tell what will happen with the information given.