The slowdown in the growth of real wages in the United States since 1973, accompanied with job growth is consistent with ________ growth of labor demand and ________ growth of labor supply:
A. slower; no change in.
B. slower; faster.
C. slower; slower.
D. faster; slower.
Answer: B
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Excess capacity is a characteristic of monopolistically competitive firms. What does excess capacity mean?
A) It means that firms hire more than the minimum number of workers needed to produce the profit-maximizing level of output. B) It means that firms build plants that are not large enough to achieve minimum efficient scale. C) It means that firms do not produce the output level that corresponds to the minimum point on their average total cost curves. D) It means that firms produce with inefficient combinations of resources.
The type of human capital formation that occurs in the business sector is called
a. vocational education. b. business education. c. on-the-job training. d. productivity enhancement.
Suppose 80% of U.S. trade is with England and the rest is with Japan. If the dollar rises by 10% against the pound and rises by 20% against the yen, what is the percentage change in the effective exchange rate of the United States?
a. -16% b. -12% c. -8% d. -4%
Trade is often restricted because the
A) gain per producer is larger than the loss per consumer. B) total gain to all producers is larger than the total loss to all consumers. C) gain per producer is less than the loss per consumer. D) total gain to all producers is smaller than the total loss to all consumers. E) gain per consumer is larger than the loss per producer.