The productivity and real wages of workers in industrially advanced economies have risen historically partly because:
A. workers have acquired less education and training over time.
B. workers have been able to use larger quantities of capital equipment.
C. over time the capital equipment used by workers has deteriorated in quality.
D. the supply of labor has increased.
Answer: B
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Which of the following would not shift the supply curve?
A) A rise in the price of the good B) A fall in the expected future price of the good C) A rise in the costs of production of the good D) A negative supply shock that destroys a portion of output
In deciding which programs the government should fund with tax revenues there is:
A. perfect consensus before a program is funded. B. often widespread disagreement. C. always a popular vote for new programs. D. the ability of each individual to decide where his tax dollars are spent.