All of the following contribute to labor productivity growth EXCEPT
A) population growth.
B) physical capital growth.
C) human capital growth.
D) technological advancements.
A
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Refer to Scenario 5.6. If the doctor is risk-averse, she would accept
A) $50,000 for sure rather than take the risk of being a researcher. B) $60,000 for sure (the minimum HMO outcome) rather than take the risk of being a researcher. C) $95,000 for sure rather than face option 1 and option 2 in research. D) $275,000 for sure (the average of option 1 and option 2 in research), but not less, rather than face the risk of those two options. E) the research position because it has the highest possible income.
Elasticity of resource demand is measured by the:
A. absolute change in resource quantity demanded divided by the absolute change in resource price. B. percentage change in resource quantity demanded divided by the percentage change in resource price. C. absolute change in resource price divided by the absolute change in resource quantity demanded. D. percentage change in resource price divided by the percentage change in resource quantity demanded.