If the supply of labor ________, real wages fall and the amount of labor employed ________
A) increases; increases B) increases; decreases
C) decreases; increases D) decreases; decreases
A
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Economies of scale are created by greater efficiency of capital and by
A) longer chains of command in management. B) better wages for labor. C) smaller plant sizes. D) increased specialization of labor.
Maximizing the benefits of a transaction made under a contract often requires specific investments that lose value if the parties fail to fulfill their commitments
Indicate whether the statement is true or false
Incomes for adults vary widely across race and gender in the United States. These differences could be due to:
A. choice of occupation. B. experience. C. education. D. All of these can explain the differences.
Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. If these two countries specialize and trade according to their comparative advantage
A. all individuals in both countries will benefit. B. Greece will specialize in and export cars. C. Germany will produce more cars than in the absence of trade. D. Germany will produce more fish than in the absence of trade.