To an economist, "value" is the same as
A) marginal cost.
B) consumer surplus.
C) the minimum price that people are willing to pay for another unit of the good.
D) marginal benefit.
E) total surplus.
D
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The Malthusian population trap model has been criticized on the grounds that it
(a) ignores the role of technological progress. (b) assumes that population growth is primarily determined by individual choice over the number of children to have. (c) both (a) and (b) are correct. (d) neither (a) nor (b) is correct.
If a new computer program was developed that dramatically improved productivity in most firms, what would happen in the labor market?
a. The real wage would not change but employment would decrease. b. The real wage would increase and employment would decrease. c. The real wage would decrease and so would employment. d. The real wage would decrease and employment would increase. e. The real wage would increase and so would employment.