If there is a decrease in the percentage of employees whose wages adjust automatically with changes in the price level, the aggregate supply curve will become
A. horizontal.
B. steeper.
C. flatter.
D. vertical.
Answer: C
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Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then:
A. the opportunity cost of attending State U. includes the sum of the benefits Alex would have had from attending each of the other schools to which he was admitted. B. Alex has no incentive to study hard while at State U. C. the opportunity cost of attending State U. includes the money Alex could have earned working for four years. D. attending State U. for four years is costless for Alex.
When labor inputs are finely divisible, the average product of labor curve is ______ sloping at L if the marginal product is ______ the average product.
A. downward; above B. upward; above C. upward; below D. vertical; equal to
Which of these countries have higher levels of human capital?
A. Asian countries B. European countries C. Developing countries D. Developed countries
The marginal cost of a productive resource is equal to the price of the resource if a firm is:
A. A price taker in the output market B. A price taker in the resource market C. Able to influence the price of the product by producing more or less of it D. Able to influence the price of the factor by buying more or less of it