We assume that when a firm hires additional workers, the marginal physical product of labor will
A) increase because more workers can always get more work done.
B) decrease because the new workers are likely to be less able than the previously hired ones.
C) decrease because each worker now has less capital and other resources to work with.
D) increase because large firms are more efficient.
C
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Gold certificates, special drawing rights, the reserve position of the IMF, and the holdings of foreign currencies represent:
A) physical assets. B) reserve assets. C) monetary assets. D) none of the above.
Differences in resource endowments are differences in
a. tariffs charged by each country b. consumption patterns across nations c. production patterns across nations d. the quantity, but not the quality, of resources available in different nations e. the quality and quantity of resources available in different nations
________ in the job market trace to training, education, experience, ability, risk of job loss, and risk of injury
a. Racial discrimination b. Wage discrimination c. Geographical discrimination d. Gender discrimination
If one state is suffering from acid rain as a result of sulfur dioxide emissions from the industries in a neighboring state, then:
A. state courts can provide adequate remedies. B. the problem is best addressed through federal regulation. C. the individual states can easily reach a solution to the problem. D. the acid rain ceases to be an externality.