As more producers with differing marginal rates of transformation are added, the joint production possibility curve becomes
A) steeper.
B) flatter.
C) more convex to the origin.
D) smoother.
D
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Efficiency wages are:
A. wages deliberately set above the market rate in order to increase productivity. B. not a cause of unemployment. C. generally a disincentive for an employee to work hard to try to keep their job. D. All of these are true.
If a worker’s nominal wage moves from $180 per week in a base period to $300 per week subsequently, but the real wage rises to only $240, we can conclude that
a. prices have increased faster than nominal wages. b. the price level has increased by 25 percent. c. the worker’s purchasing power has increased 67 percent. d. the worker’s purchasing power has increased 150 percent.
Labor resources include
a. only physical exertion b. only the resources used in the production of other resources c. only skilled labor d. both physical and mental exertion e. the expenditure of people's effort in producing goods, but not services
A market situation in which a large number of firms produce similar but not identical products is
A. monopolistic competition. B. a homogeneous market. C. competitive monopoly. D. a collusive market structure.