Which of the following does not hinder growth in developing countries?
A. Education
B. Disease
C. Instable governance
D. Geography
Answer: A
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Which of the following examples identifies the income effect of a price change?
A) When Gary's income doubles his wine consumption doubles, the price of wine remaining unchanged. B) When the price of diesel falls, consumers start purchasing more petroleum-powered vehicles. C) While purchasing shirts and jeans, when the price of a pair of jeans falls, Jack purchases more of both jeans and shirts. D) While purchasing pens and pencils, when the price of pens falls, Jill purchases more pens and fewer pencils.
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. Which of the following shows an increase in the firm's total cost while the price of labor and capital remain unchanged?
A) the movement from CE to AF B) the movement from BD to AF C) the movement from BD to CE D) the movement from CE to BF
Why specialize?
A) because assigning each worker a variety of tasks makes her more productive B) It usually increases productivity. C) to decrease our dependence on each other D) There is no economic rationale for specialization.
Which of the following would NOT shift an industry's supply of labor curve?
A) The wage rate in the particular industry falls. B) Wage rates in industries using similar labor rise. C) Working conditions within the industry become less desirable. D) Wage rates in other industries fall.