Question : Article Summary Seeking ways to improve education, Garrett Johnson has organized : 1387969

Article Summary

Seeking ways to improve education, Garrett Johnson has organized technology competitions called hackathons where participants such as students, teachers, and engineers build applications designed to improve secondary and higher education systems. These applications can include ways for teachers to improve skills, more productive study habits for students, improving school safety, or any number of ideas related to education. Several hackathons have been planned for around the country, including a virtual hackathon, entry is free, and each contest will award $5,000 in prizes to the winners.

Source: Nancy Dahlberg, “Hackathon tackling education reform this week,” Miami Herald, October 7, 2013.

39) Refer to the Article Summary. The article addresses education reform by way of newly designed applications. If any of these apps lead to a more skilled and better trained public, the economy would experience

A) an increase in human capital.

B) an increase in the supply of labor.

C) an increase in comparable worth.

D) a decrease in compensating differentials.

40) Refer to the Article Summary. The article addresses education reform by way of newly designed applications. Education reform could lead to a more skilled and better trained public. A more skilled and better trained public would

A) cause the market supply curve for labor to shift to the right.

B) cause the market demand curve for labor to shift to the right.

C) not shift the market demand curve for labor.

D) cause both the market demand curve for labor and the market supply curve for labor to shift to the left.

41) One difference between the labor market and markets for goods and services is

A) the demand in the labor market is inelastic; the demand for goods and services may be elastic or inelastic.

B) the supply of labor is perfectly inelastic because the quantity supplied is constant. The elasticity of supply for goods and services is different in different markets.

C) concepts of fairness arise more frequently in labor markets than in the markets for goods and services.

D) in the labor market, firms are suppliers while households are demanders.

42) Zach Greinke and other star baseball players earn millions of dollars annually. These salaries are due to

A) the greed of players and their agents.

B) the demand and supply of labor in the market for baseball players.

C) the elastic demand for jobs in Major League Baseball.

D) the irrational behavior of team owners.

43) Major League Baseball teams are similar to other firms in that they use factors of production to produce a product (baseball games). An example of capital used by teams to produce their products is

A) the money teams earn from television contracts and ticket sales.

B) the land on which baseball games are played.

C) the labor of baseball players.

D) the ballparks where the games are played.

44) What is a factor market?

A) It is a market where financial instruments are traded.

B) It is a market where stocks and bonds are traded.

C) It is a market producers buy consumption and capital goods.

D) It is a market where resources used to produce final goods are traded.

45) The demand for labor is different from the demand for final goods and services because

A) the demand for labor is derived from the demand for the good or service the labor is used to produce.

B) it is a demand for people, not inanimate objects.

C) the demand for labor is more inelastic than the demand for the goods and services produced with this labor.

D) the law of demand does not apply to the demand for labor.

46) The demand for labor depends primarily on the additional output produced as a result of hiring an additional worker and

A) the additional revenue received from selling the output produced as a result of hiring an additional worker.

B) the payment made to the worker for producing the additional output.

C) the elasticity of demand for the output produced by the worker.

D) the number of workers willing to produce the additional output.

47) The term “derived demand” refers to

A) the demand for financial products called derivatives.

B) the demand for a factor of production that is derived from the demand for the good the factor produces.

C) a firm’s estimated demand curve derived from sales data.

D) a demand curve that derives from the availability of resources.

48) An increase in the demand for orthodontic services leads to

A) an increase in the supply of orthodontists.

B) lower prices for orthodontic care.

C) an increase in the demand for orthodontists.

D) a rise in the rates of dental insurance.