UNIVERSITY OF COLORADO-DENVER Principles of Microeconomics Econ 2022-OL1 Spring 2013
business groups in the high-paying nations. |
earnings reflect pricing power rather than marginal revenue product. |
redistribution of a larger domestic output. |
indicates that price increases bring forth more of a resource. |
a perfectly elastic labor supply curve and a downsloping labor demand curve. |
capital and labor being complementary inputs. |
a downsloping demand for loanable funds curve. |
horizontal; vertical |
nations normally experience increasing opportunity costs in producing more of the product in which they are specializing. |
the tariff and quota both generate the same amount of revenue for the United States Treasury. |
relative levels of GDP. |
the wages of each type of labor must be proportionate to their marginal products. |
increases the personal income tax liability of low-income working families. |
have greater combined membership than the AFL-CIO. |
declined sharply since 1900 because of the growing strength of labor unions. |
is a form of price discrimination illegal under U.S. antitrust laws. |
the functional distribution of income. |
normally causes a surplus on the capital and financial account. |
contains inpayment items, but not outpayment items. |
results in a less-experienced work force. |
true, because the rich have gotten richer and the poor have gotten poorer. |
increased demand for workers in complementary jobs. |
rise more slowly than those of less-educated workers. |
government should subsidize the most productive workers through a system of transfer payments. |
resource substitutability. |
decrease the demand for health care and cause an underallocation of resources to the health care industry. |
0 and 10,000. 1 and +1. |
real capital. |
has no impact on the size of the domestic output or its distribution in the long run. |
can never be exhausted permanently. |
the optimal amount of immigration to the United States is probably zero. |
rich people buy too much health care and poor people buy too little. |
higher in mining than in government. |
decreased current consumption and decreased indebtedness to foreigners. |
can persist in the long run if differences in average characteristics among groups continue. |
the price of the resource increases. |
wages and hours. |
the very rich establish consumption patterns that are desirable for the rest of society to emulate. |
measures the average number of children that a woman is expected to have during her lifetime. |
$1 = 2 pounds in the United States. |
Because only a fixed percentage of the population can participate in Medicaid at any time. |
resource market. |
compares worker productivity in the farm and nonfarm sectors. |
lower wage rate and hire fewer workers than will a purely competitive employer. |
it is more cost-efficient to prevent illnesses than to cure them. |
labor costs and product prices are not related. |
a situation in which a union forces an employer to hire union workers in preference to nonunion workers. |
health care suppliers may reduce the supply of health care. |
Temporary Assistance for Needy Households; unemployment compensation |
increases saving, reduces total spending, and increases total output. |
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Rating:
5/
Solution: UNIVERSITY OF COLORADO-DENVER Principles of Microeconomics Econ 2022-OL1 Spring 2013