Suppose 10 workers jointly own and farm a piece of land. They all consume the farm's output in equal shares. If one worker decides to shirk and cuts her labor effort by 50 percent,
a. her consumption will decrease by 50 percent.
b. her consumption will decrease by greater than 50 percent.
c. her consumption will decrease by less than 50 percent.
d. her consumption will not change.
c. her consumption will decrease by less than 50 percent.
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Refer to Figure 24-4. Given the economy is at point A in year 1, what is the difference between the actual growth rate in GDP in year 2 and the potential growth rate in GDP in year 2?
A) 0.3% B) 1.1% C) 2.7% D) 3.7%
According to international trade theory, a country can gain
a. if it protects domestic industries from low-wage foreign producers. b. only if the trade harms its trading partners. c. by importing goods when they can be obtained more economically from foreign producers. d. if it maximizes the employment in domestic industries that face competition from foreign producers who have lower costs.
In which section of the United States are "right-to-work" laws most prominent?
A. The Northeast B. The West coast C. The South D. The Midwest
By law, employers in the United States may not ask prospective female employees whether they plan to have babies. The existence of this law seems most likely to
A. increase the probability that firms will practice economic discrimination against women. B. decrease the probability that firms will practice economic discrimination against women. C. increase the probability that firms will practice statistical discrimination against women. D. decrease the probability that firms will practice statistical discrimination against women.