Over the last 50 years, U.S. labor productivity grew the fastest during the ________ because of ________
A) 1990s; advancements in healthcare due to the unlocking of the human genome
B) 1980s; the invention of the computer and the oil embargo
C) 1970s; an increase in government taxes and expanded regulations
D) 1900s; the war on terror and return to the basics of education
E) 1960s; fast paced technological change and large increases in human capital accumulation
E
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When hamburger is $3 per pound, Ms. Rush buys 6 pounds. When hamburger is $2 per pound, Ms. Rush buys 10 pounds. Describe Ms. Rush's demand between these two prices
A) elastic B) unit elastic C) inelastic D) perfectly inelastic E) perfectly elastic
A consumer will continue to purchase items until the budget is exhausted and ________ ________ is equal
a. consumer surplus b. marginal utility c. marginal cost d. consumer deficit