If the existence of alternative opportunities makes people become less willing to work in poultry processing plants, then the real wage of unskilled workers in poultry processing plants is predicted to ________ and the employment of unskilled workers in poultry processing plants is predicted to ________.
A. increase; not change
B. decrease; decrease
C. increase; decrease
D. increase; increase
Answer: C
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If a firm in a perfectly competitive market faces an equilibrium price of $5, its marginal revenue
A) will be greater than $5. B) will be less than $5. C) maybe either greater or less than $5. D) will also be $5. E) will be any amount but $5.
During the real estate boom of the early 2000s, some banks operated with leverage ratios in excess of 30-to-1
a. True b. False Indicate whether the statement is true or false
According to the law of comparative advantage, both individuals and nations will be able to produce a larger joint output if each productive activity is undertaken by
a. the high opportunity cost producer. b. the low opportunity cost producer. c. the producer who is able to hire workers at the lowest wage. d. the party that can complete the productive activity most rapidly.
Your neighbors have offered to pay you to look after their dog while they are on vacation. It will take you one hour per day to feed, walk, and care for the dog, which you can do either before or after you go to work. Your regular job pays $10 per hour, and you can work up to eight hours per day. The smallest amount of money you would accept to look after your neighbor's dog each day is equal to:
A. $15, because overtime wages are generally 1.5 times your regular wage when you work more than eight hours a day. B. zero, because your regular job is not available for more than eight hours per day. C. $10, because that is your opportunity cost of one hour of work. D. the value you place on one hour of leisure.