Due in Part to Proposition 13, the State of California

question 62

Multiple Choice

Due in part to Proposition 13, the state of California in 1992

• A) provided state-funded health care to all California citizens.
• B) faced bankruptcy.
• C) repudiated its debt.
• D) requested federal funds to prevent bankruptcy.

Identify the factors that cause shifts in labor supply and demand curves.

Comprehend the impact of technological changes on the demand for inputs.

Grasp the relationship between the production/use of capital and labor productivity, along with its effects on wages.

Understand the conditions for profit maximization in terms of resource allocation.

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Definitions:

Elasticity of Resource Demand

The responsiveness of the quantity demanded of a resource to a change in its price.

Unit Wages

The amount of compensation received by workers per unit of time or per unit of output produced.

Employed Workers

This term refers to individuals who are currently working for pay or profit, whether on a full-time or part-time basis.

Coefficient of Elasticity

A measure of how much the quantity demanded of a good responds to a change in price, income levels, or other variables.