Learning by doing suggests that:
A. patents are more valuable.
B. diminishing marginal productivity occurs more rapidly.
C. greater experience increases efficiency.
D. greater experience increases production costs.
Answer: C
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From the data given in Table 3-2, the opportunity cost of increased cotton in moving from A to B is
A. 16 units of corn. B. 31 units of corn. C. 15 units of corn. D. 4 units of corn. E. 1 unit of corn.
What is meant by "excess capacity"? How does it relate to consumer utility?
What will be an ideal response?
The excess burden of an excise tax is
a. greater the more inelastic the supply curve. b. greater the more elastic the demand curve. c. smaller the more elastic the supply curve. d. greater the more inelastic the demand curve.
Evidence suggests that education raises the earnings of the workforce mainly by
a. teaching workers how to demand more pay. b. keeping young people out of the labor force, thereby reducing the supply of labor. c. increasing the marginal productivity of labor. d. teaching people to read and write, although education beyond this point does not seem to increase worker productivity.