Which of the following statements is TRUE about the market demand curve for labor?
A) The market demand curve is the sum of the individual firm's demand curve.
B) The market demand curve will be perfectly inelastic since firms need labor.
C) The market demand curve shows the quantities of labor demanded by all firms in the industry at various marginal products.
D) The market demand curve depends upon labor productivity, the wage rate and the price of the final product.
D
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Prisoners in World War II POW camps traded products for other products, a process referred to as
A) central planning. B) advantage exchange. C) barter. D) rationing.
Which of the following is true of a corrective tax? a. It is also referred to as Pigouvian tax
b. It increases the deadweight loss caused by negative externalities. c. It is inflexible compared with command-and-control regulation. d. It needs to be updated with advances in technology.
Suppose there was a country with an adult (age 16 and over) population of 1,000, of which 100 were unemployed and 700 were employed. Which of the following is true?
a. The employment population ratio is 87.5 percent. b. The labor force participation rate is 70 percent. c. The unemployment rate is 12.5 percent. d. There are 700 individuals in this country's labor force.
If managers at a firm were rewarded for meeting production quota, then:
A. all managers would just meet the quota. B. all managers would exceed the quota. C. some managers would rebel and not meet the necessary quota. D. some managers would just barely exceed the quota.