The high cost of labor in the European labor market is partially caused by:
a. Substantial labor market regulation
b. high productivity
c. restrictions on hiring
d. a hire and fire policy
e. none of the above
A
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The price of Kenwood blender increased from ?150 to ?250. Following the increase in price, quantity demanded of the blender dropped from 500 to 400.
Growth of real GDP per person is totally determined by the growth of average:
A. labor force participation and the share of income going to capital. B. labor force participation and the share of the population employed. C. labor productivity and the proportion of the population employed. D. labor productivity and the proportion of the population in the labor force.
Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. The firm is able to produce 176 units of output per day when 16 workers are hired (holding other inputs fixed). Then the marginal product of the 16th worker is
a. 10 units of output. b. 11 units of output. c. 16 units of output. d. 176 units of output.
Which of the following is the best example of an automatic stabilizer?
A. welfare payments B. foreign aid C. defense spending D. highway construction