Explain why labor might not always be a variable input
What will be an ideal response?
In the real world, units of labor are not identical. Many firms employ highly specialized units of labor. Their supply might be very inelastic so that the firm cannot easily increase the amount of this type of labor.
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Identify the correct statement about repeated negotiations from the following
a. Patterns in repeated negotiations can persist over time but are usually region-specific. b. The payoff from repeated negotiations is higher than that from negotiations which are unlikely to be repeated. c. Experience can help the parties understand each other's positions when negotiations involve previously unencountered issues. d. The greater the experience of the buyer the higher the benefits he realizes from a repeated negotiation.
If the equilibrium exchange rate between U.S. dollars and Japanese yen is $0.01 = 1 yen but currently the exchange rate is $0.0089 = 1 yen, then a __________ exists
A) shortage of dollars B) surplus of dollars C) surplus of yen D) shortage of yen E) b and d
Refer to the above graph. If the full-employment level of GDP for this economy is at H, the:
A. actual budget will produce a surplus. B. cyclically adjusted budget will produce a deficit. C. actual budget will produce a deficit. D. cyclically adjusted budget will produce a surplus.
Refer to the data. The public debt declined in year:
Answer the question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt.
A. 6.
B. 5.
C. 4.
D. 3.