In an economy, if three-fourths of national income goes to labor, and one-fourth to capital stock, the Cobb-Douglas production function for this economy will be:
A) Y = A × 1/4 × K × 3/4 × L B) Y = A × K4 × L3
C) Y = A × K1/4 × L3/4 D) Y = A × K1/3 × L2/3
C
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Who is "selling short"?
A) The grocer who sells a pound of apples today at a slashed price of 75 cents a peck B) The airline requiring you to pay for your ticket two weeks in advance of the flight C) The church that provides a free Thanksgiving dinner to the poor D) All of the above.
How does monopoly arise?
What will be an ideal response?
The manager of a shoe-manufacturing unit divides workers into three groups and assigns them tasks based on their skill sets. Some are assigned the task of designing shoes, some are assigned the task of manufacturing shoes, and the rest are asked to pack the shoes. This is: a. an example of specialization of labor
b. likely to increase the total cost of manufacturing shoes. c. likely to increase the marginal cost of producing additional shoes. d. an example of wage discrimination among workers.
Who would be included in the labor force?
a. Louie, who is waiting for his new job to start b. Daisey, who has become discouraged looking for a job and has quit looking c. Donald, an unpaid stay-at-home father d. None of the above is correct.