Which of the following is not a property of ideal of money?
a. Durable
b. Portable
c. Divisible
d. Diversified quality
d
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The (false) idea that an industry should be protected because of learning-by-doing until it is large enough to compete successfully in world markets is the ________ argument for protection
A) cheap foreign labor B) infant industry C) dumping D) comparative advantage
For a "superstar" to emerge, it must be the case that
a. it is possible to supply the good or service that the superstar produces at low cost to every customer. b. some customers are willing and able to pay large sums of money to enjoy the good or service provided by the superstar. c. the superstar has a natural monopoly on his or her good or service. d. the superstar can become sufficiently popular to earn income from advertisements.
Any event that decreases the value of the marginal product of labor will:
A. increase labor supply. B. decrease labor supply. C. increase labor demand. D. decrease labor demand.
A firm purchases less capital equipment. We would expect to observe
A) a rightward shift in the supply curve of labor to this firm. B) a decrease in the supply of labor for this firm. C) a decrease in the demand for labor by this firm. D) a decrease in the wage rate paid for labor by this firm.