Innovation is
a. the same thing as invention.
b. the desired result of invention.
c. the necessary precondition of invention.
d. unrelated to invention.
b
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The market for unskilled labor is illustrated in the figure above. If a minimum wage of $5 per hour is imposed, an employer who breaks the law will be able to find a worker who is willing to work for
A) less than or equal to $4 per hour. B) between $4 and $5 per hour. C) more than or equal to $5 per hour. D) None of the above because workers are not willing to supply labor for wage rates less than $5 per hour.
If crime rates in the United States fall, can incumbent lawmakers rightfully claim credit? Why or why not?
What will be an ideal response?
Francis Lowell's Boston Manufacturing Company:
a. specialized in the production of one type of cloth. b. combined all stages of cloth production in one plant. c. sold its product throughout the U.S. d. used power looms for weaving. e. All of the above.
Where L represents labor and X represents output, MPL x PX is the value of labor's marginal product while the wage rate is the
A. marginal revenue of a unit of output. B. marginal cost of a unit of output. C. value of labor's marginal revenue. D. cost of a marginal unit of labor.