Skilled labor commanded a higher wage than unskilled labor in both the U.S. and Europe between 1789 and 1860 . However, skilled wages in the U.S. were higher, on average. A higher land to labor ratio in the U.S
can explain the higher wage rates of skilled workers in the U.S. Indicate whether the statement is true or false
True
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The figure above shows a perfectly competitive firm. To maximize its profit, the firm will produce ________ units of output and the price will be ________ for a unit
A) 30; $40 B) 30; $30 C) 20; $40 D) 20; $30
Which ratio correctly highlights the similarity between neoclassical theory and Tobin's q theory?
A) the marginal product of capital divided by the user cost of capital B) a firm's stock value divided by the value of its capital stock C) a firm's capital stock divided by the value of its inventories D) a firm's investment spending divided by the user cost of capital
In a perfectly competitive industry, influence over price is exerted by: a. individual sellers
b. individual buyers. c. the largest firms. d. the forces of market supply and demand.
If you lived in Jamaica, you would know that Jamaican NNP less indirect business taxes in Jamaica equals Jamaican
a. GNP b. NNP c. personal income d. personal disposable income e. national income