Labor productivity increased so much in the second half of the 1990s because of
A) improved information and communications technologies.
B) higher levels of educational attainment by workers.
C) cheaper foreign imports used in production.
D) increased foreign competition.
A
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Silvio's Pizza is a small pizzeria. The firm's production function is shown in the table above
Suppose that Silvio's costs include only the cost of renting ovens, which is $100 per oven per week, the labor cost, $280 per worker per week, and the opportunity cost of Silvio's entrepreneurship, $1,000 per week. Suppose Silvio's uses Plant 2. If Silvio hires the 4th worker, the firm will experience ________ marginal returns. A) diminishing B) increasing C) constant D) zero
Ad valorem taxes are based on the number of units sold
a. True b. False
Isabella buys a new camera for $80 . She receives consumer surplus of $35 on her purchase if her willingness to pay is
a. $35. b. $45. c. $80. d. $115.
The StolperSamuelson theorem suggests that, over time, free international trade should lead to:
a. equalization of real wages across the world. b. greater divergences in real wages across the world. c. equalization of prices across the world. d. greater divergences in prices across the world.