In this graph, where is the short-run profit-maximizing output located?
a. 0
b. C
c. q*
d. P*
c. q*
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What is the basic criticism that economic theory levels against the movement to base wages on the "comparable worth" of jobs?
A) Markets, not employers, set wage rates for different jobs. B) There are no jobs that are inherently more suitable for women than for men. C) There is no way to compare the satisfactions that different people derive from a job. D) Wage rates determine the worth of workers to an employer by determining the number that will be hired. E) Wage rates will be set by supply and demand and cannot be changed by anything government does.
Strategic trade policy
a. argues for protecting certain industries that benefit society but that may not thrive in a free trade environment b. advocates quotas on imports of high-tech products c. defends the use of tariffs to protect monopolistically competitive industries d. has been used to justification protection of infant industries e. explains why less developed countries export more raw materials than services
The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use. B. the average quality of batters has fallen. C. baseball diamonds have become larger. D. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
The knowledge and skills possessed by the workforce is known as
A. The inequality trap. B. Human capital. C. Human finance. D. Investment capital.