The labor market is a market in which:
A. labor supply and labor demand alone determine wages and employment.
B. firms determine the supply of labor.
C. the invisible hand operates unimpeded by other forces.
D. social and political pressures are particularly strong.
Answer: D
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For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value)
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general.
Given the production function q = 4L + K, what is the marginal product of labor when capital is fixed at 50?
A) 54 B) 4 C) 50 D) 250
The invisible band principle indicates that competitive markets can help promote the efficient use of resources
What will be an ideal response?
The general approaches to global poverty reduction include all of the following except
A. Redistribution of incomes across nations. B. Economic growth that raises average incomes. C. Redistribution of incomes within countries. D. An increase in government control of resources.