A labor-intensive method of production is one that:
A) requires employees to work harder than they would in other occupations.
B) relies exclusively on labor.
C) relies on large quantities of labor and smaller quantities of capital equipment.
D) combines a small but sophisticated labor force with a large amount of capital.
C
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If the price of a 32GB memory card decreases from $25 to $20, the percentage change is
A) -20 percent. B) -33 percent. C) -50 percent. D) -60 percent.
If the x-axis variable increases while the y-axis variable decreases, the variables x and y are negatively related
Indicate whether the statement is true or false
The tax interaction effect is the _________ in excess burden in the labor market stemming from the _______ in real wages caused by a Pigouvian tax.
A. increase; increase B. reduce; reduction C. increase; reduction D. reduction; increase
The analysis of oligopolistic behavior is difficult because
a. there are few real-world examples of oligopolies for economists to study. b. oligopolists make decisions independently of each other. c. firms in oligopolistic industries react to each other's behavior in many ways. d. economists have paid little attention to the topic in recent years and so have not yet applied to it the techniques of modern economic theory.