Which of the following statements is NOT true during the colonial years, according to Hughes and Cain (2011)?
(a) Labor organizations were considered, by law, criminal conspiracies against society.
(b) Colonial society provided for its aged and sick poor; others had to work.
(c) Efforts to control wages and prices by governmental authority were present.
(d) Compulsory labor applied only to slaves and indentured servants.
(e) Idle persons were frequently jailed for the crime of having no visible means of support.
(d)
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Answer the following statement(s) true (T) or false (F)
1. The sum of all polluters’ MACs equals the marginal social cost (MSC) of abatement. 2. Much of the air pollution in Catano, Puerto Rico was linked to a nearby oil refinery. 3. By definition, the marginal abatement cost (MAC) curve shows the change in costs associated with higher levels of abatement, using the most widely available technology. 4. The marginal cost of enforcement (MCE) must be added vertically to the MACmkt to derive the marginal social cost (MSC) of abatement function. 5. If a standard is set to balance the well-being of society with the associated costs, it is called a benefit-based standard.
Joan Jillson owns a coffee shop. Assume that the marginal product of the labor Joan employs (MPL) equals 500 cups per week and the marginal product of her shop's capital (MPK) equals 1,000
Assume also that the wage (w) Joan pays her workers equals $250 per week and the rental price (r) of her capital - her coffee machines - equals $500 per week. Which of the following correctly analyzes whether Joan is minimizing her costs? A) No, Joan is not minimizing her costs because MPL × w is less than MPK × r. B) No, Joan is not minimizing her costs because MPK is greater than MPL and r is greater than w. C) Yes, Joan is minimizing her costs because she is a price-taker in the markets for labor and capital. D) Yes, Joan is minimizing her costs because MPK/r equals MPL/w.
Which of the following is false? a. A Nash equilibrium can be a dominant strategy
b. A Nash equilibrium maximizes a player's welfare, given the actions of its competitor, while a dominant strategy maximizes a player's welfare, regardless of the behavior of its competitor. c. A Nash equilibrium is just another name for a dominant strategy. d. A Nash equilibrium is a self-enforcing equilibrium.
The assumption of wage and price flexibility lead classical economists to conclude that business cycle fluctuations are short-term in nature
a. True b. False Indicate whether the statement is true or false