Workers in the poor countries of the world where labor intensive products are produced earn between ________________ per day compared to United States workers earning eight to twelve dollars per hour.
Fill in the blank(s) with the appropriate word(s).
one to two dollars
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In most cases, optimization in differences is faster and easier than optimization in levels because:
A) the former involves fewer steps to arrive at a conclusion. B) the former only focuses on the key differences between options and ignores things in common. C) the former focuses only on the benefits of an option, ignoring all calculations involving costs. D) the former uses simpler arithmetic tools in comparison to the latter.
The capture theory of regulation predicts that regulations bring ________ to producers and impose ________ on any individual consumer
A) small benefits; small costs B) small benefits; large costs C) large benefits; small costs D) large benefits; large costs E) large benefits; no costs
A market with the characteristics of many firms selling an identical product, many buyers, and no restrictions on entry or exit to the market is
A) a monopoly market. B) an oligopolistic market. C) a perfectly competitive market. D) a monopolistically competitive market.
Diseconomies of scale are associated with
a. Inefficiencies b. Cost reduction c. Improvement in technology d. Division of labor