The real wages of workers will tend to be high when
a. output per worker is high.
b. capital is scarce.
c. industries are automating at a slow rate.
d. profits are low.
A
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Keynesian economics endorsed the idea of
(a) increased government spending as a counterforce against slumps or recessions. (b) reduced taxation as a counterforce against rising prices. (c) increased government spending as a counterforce against inflation. (d) decreased government spending as a counterforce against slumps or recessions.
The slope of the indifference curve for goods X and Y is called the marginal:
a. product rate. b. rate of transformation. c. rate of substitution. d. rate of utility.
Tennessee emits sulfur dioxide that flows into North Carolina. In meeting sulfur emissions regulations, the Tennessee Valley Authority (TVA), which produces electricity, buys sulfur emission permits from Wyoming. The resulting hot spot problem is:
A. The citizens of Wyoming will experience higher sulfur emissions as a result of the emissions trading program. B. The citizens of Wyoming will experience lower sulfur emissions as a result of the emissions trading program. C. The citizens of Tennessee will pay more to reduce sulfur emissions than if the government used a command-and-control approach. D. The citizens of North Carolina will suffer higher emissions as a result of the emissions trading program.
Refer to the graph shown. Assuming a $0.10-per-gallon marginal cost external to the trade that is associated with gasoline, the market price of gasoline necessary to induce consumers to purchase the efficient quantity each year is:
A. $0.95. B. $1.05. C. $1.00. D. $1.10.