"Beaten paths" in the context of labor migration are:
A. Routes taken previously by family, relatives, and friends
B. Routes that have been "over used" by previous immigrants
C. Routes that are no longer followed by immigrants
D. Typical methods used to increase human capital
A. Routes taken previously by family, relatives, and friends
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Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be
A) $3. B) $100. C) $300. D) $900.
To understand the pressures and temptations on member firms in an oligopoly, economists have applied the game theory scenario of the ___________________, in which the gains from cooperation are larger than the rewards from pursuing self-interest.
a. Prisoner’s Dilemma b. Traveler’s Dilemma c. Platonia Dilemma d. Volunteer’s Dilemma
All other things constant, an increase in the wage rate will: a. decrease the quantity of labor supplied. b. increase the quantity of labor supplied. c. increase the supply of labor
d. decrease the supply of labor.
Generally, the demand for energy in the long run will be
a. approximately equal in elasticity to the demand for energy in the short run. b. considerably less elastic than in the short run. c. considerably more elastic than in the short run. d. perfectly inelastic because we must have energy to survive.