A technological breakthrough in using photons for computers will increase the productivity of those working with computers a hundredfold. You would expect this breakthrough to shift the
A) marginal product of labor curve up and to the right, raising the quantity of labor demanded at any given real wage.
B) marginal product of labor curve down and to the left, reducing the quantity of labor demanded at any given real wage.
C) labor supply curve up, reducing the quantity of labor demanded at any given real wage.
D) labor supply curve down, raising the quantity of labor demanded at any given real wage.
A
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Refer to Scenario 12.2. In this game, Jerome's tough strategy would lead to his preferred equilibrium of
A) Eliza donates a kidney and Jerome does not. B) both Eliza and Jerome donate a kidney. C) Jerome donates a kidney and Eliza does not. D) neither Eliza nor Jerome donates a kidney.
All of the following are true regarding the current status of labor unions EXCEPT
A) organized labor's heyday occurred from the 1940s through the 1970s. B) part of the explanation for the decline in union membership has to do with the shift away from manufacturing. C) the deregulation of certain industries has also contributed to a decline in unionism. D) recent labor laws have diminished worker's rights.
Economic decision making recognizes that
A) all choices have benefits and costs. B) benefits are largely free while costs are not. C) costs are controllable but benefits are not measurable. D) prices do not reflect all information known to managers. E) resources and wants are limited.
Goods that consumers regard as luxuries generally have
a. an income elasticity equal to 1. b. an income elasticity less than 1. c. an income elasticity greater than 1. d. a negative income elasticity.