If Sam's manufacturing plant is in a perfectly competitive labor market where the current wage is $14 per hour, his firm can expect to drive up wages if it expands its operations by 50%
Indicate whether the statement is true or false
F
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Approximately what percentage of U.S. national income is paid to workers, as opposed to owners of capital and land?
a. 25 percent b. 45 percent c. 65 percent d. 85 percent
A factor of production that cannot be used outside of a particular sector of an economy is a(an)
A) specific factor. B) mobile factor. C) variable factor. D) import-competing factor. E) export-competing factor.
What is the difference between a recession and a depression?
(A) Unlike a recession, a depression includes high levels of inflation. (B) A recession is more severe than a depression and lasts longer. (C) A depression is a particularly deep recession with high levels of unemployment. (D) A recession is a period of economic growth while a depression is a period of economic contraction.
If there is a recession in the United Kingdom and a reduction in British imports, and an economic boom in the United States and an increase in U.S. imports, then these events are most likely to cause the British pound to:
A. Appreciate and the U.S. dollar to appreciate B. Depreciate and the U.S. dollar to depreciate C. Appreciate and the U.S. dollar to depreciate D. Depreciate and the U.S. dollar to appreciate