The derived demand curve for labor shows the:
A. minimum amount of labor, measured in labor hours, that a firm requires at various wages.
B. maximum amount of labor, measured in labor hours, that a firm will hire at various wages.
C. maximum amount of labor, measured in dollar value, that a firm will hire at various wages.
D. minimum amount of labor, measured in dollar value, that a firm requires at various wages.
Answer: B
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The basis for free trade is the concept of
A) absolute advantage. B) differences in natural resources and climate. C) differences in nominal wages. D) comparative advantage.
If, at its profit-maximizing output level, the price of the good is less than average variable cost, the firm should shut down immediately
Indicate whether the statement is true or false
The natural rate of unemployment equals
A) structural plus frictional plus cyclical unemployment. B) structural plus frictional unemployment. C) the rate of unemployment we observe in any given period of measurement. D) the rate of structural unemployment.
In 1974, one could buy a theater ticket for $1.25 . Today the same theater ticket costs $6.50 . Which pair of CPIs would imply that the cost in today's dollars was the same for both tickets?
a. 60 in 1964 and 390 today b. 75 in 1964 and 390 today c. 80 in 1964 and 404 today d. 95 in 1964 and 475 today