A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?
a. Wages will fall, and quantity of labor will rise.
b. Wages will rise, and quantity of labor will rise.
c. Wages will rise, and quantity of labor will fall.
d. Wages will fall, and quantity of labor will fall.
b
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Paternalism is the view that ________
A) consumers do not always know what is best for them, and the government should encourage or induce them to change their actions B) producers do not always have the resources required for the production of a good, and the government should provide them with these resources C) the government should impose a tax on an economic activity only if it generates a negative externality D) the government has the supreme power to decide which goods are to be taxed and which are to be subsidized
A measure comparing the prices of consumer goods and services that a household purchases to the prices of those goods and services purchased in a base year is the
a. Consumer Price Index b. Consumer Deflator Index c. GDP Price Deflator d. Producer Price Index e. Consumer Price Deflator
Corrective taxes are unlike most other taxes because they
a. distort incentives. b. move the allocation of resources away from the social optimum. c. raise revenue for the government. d. move the allocation of resources closer to the social optimum.
If a production function has the property called __________, then doubling all inputs causes the amount of output to double as well
Fill in the blank(s) with correct word