The marginal expenditure of a monopsonist is $4. The wage it currently pays is $3. The labor supply curve has a constant elasticity. What is the elasticity of the labor supply?
A) 0.33
B) 0.66
C) 1
D) 3
A
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When a tariff supporter argues that foreign producers are selling their products for prices below the costs of production, which of the following is being used?
A) Save domestic jobs argument B) National security argument C) Dumping argument D) Infant-industry argument E) Diversity and stability argument
Which of the following is a method by which a poor country might import technological change without having to incur the heavy expense of research and development (not to mention human and physical capital formation) out of its own saving?
A) Copy modern products made in rich countries. B) Purchase imported machinery that embodies the latest technology. C) Obtain investment by foreign firms. D) All of the above.
If Evan has an absolute advantage in cleaning and bookkeeping when compared to Gloria, then
a. Evan must also have a comparative advantage in cleaning and bookkeeping b. Evan must have a comparative advantage in cleaning c. Evan must have a comparative advantage in bookkeeping d. Gloria has a comparative advantage in neither activity e. we can conclude nothing about comparative advantage
The Lorenz curve is best used to measure international competitiveness
a. True b. False Indicate whether the statement is true or false