Tom tunes pianos in his spare time for extra income. Buyers of his service are willing to pay $155 per tuning. One particular week, Tom is willing to tune the first piano for $120, the second piano for $125, the third piano for $140, and the fourth piano for $160 . Assume Tom is rational in deciding how many pianos to tune. His producer surplus is

Suppose the growth in GDP per hour resulting from physical capital in an economy is 1% and the growth resulting from human capital is 2%. If the annual growth rate of GDP per hour is 5%, the growth resulting from technology equals:

A) 4%. B) 3%. C) 2%. D) 1%.

According to economists, human activity is unresponsive to changes in costs

a. True b. False Indicate whether the statement is true or false