Data on Productivity Gains in the 1990s in the United

question 41

Multiple Choice

Data on productivity gains in the 1990s in the United States strongly suggest that a significant share of those gains was attributable to:

• A)improvements in education and training.
• B)improvements in information technology.
• C)substantial reductions in labor costs.
• D)increased demand for goods and services.

Predict the market responses to government-imposed taxes and quotas, including shifts in supply and demand curves.

Calculate the impact of taxes and subsidies on consumer and producer surplus.

Understand the concept of deadweight loss and its causes in the context of taxation and subsidies.

Identify the effects of elasticities of supply and demand on tax incidence.

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Definitions:

Organic Solidarity

A type of social cohesion that arises when individuals in a society are interdependent but hold to varying tasks and responsibilities, characteristic of complex, industrial societies.

Collective Conscious

A shared set of beliefs, morals, and attitudes that operate as a unifying force within society; sometimes spelled as "collective conscience."

Commodity Production

The production of goods and services for exchange on the market with the goal of earning a profit, central to capitalist economies.

Private Ownership

The legal right of an individual or entity to possess, use, and dispose of property or assets without interference from the government or public.