The labor supply curve represents:
a. the relationship between the wage rate and labor productivity
b. the tradeoff between labor and leisure.
c. the relationship between the wage rate and the quantity supplied of labor.
d. the tradeoff between labor and capital as alternative factors of production.
c
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Even-handed enforcement of contracts fuels economic prosperity because it
a. permits individuals to invade or infringe on the property rights of others. b. increases transaction costs. c. increases market uncertainty and the probability of contract violations. d. promotes gains from trade by keeping transaction costs low.
Why do some say labor standards are "disguised protection"?
a. These standards favor the nations that already have high labor standards and eliminate competition from nations who do not. b. Nations with low labor standards often disguise the fact. c. Raising labor standards is not the issue—it is disguised by the fact that shoddy materials are used in production. d. Often children who should be in school work anyway, and their participation is "disguised" as if an adult held the job.