Which of the following is NOT a factor that has contributed to declining private-sector differential between union and nonunion wages in the U.S. since 1980?
A) Globalization of the production process
B) Improved ability of firms to substitute capital for labor in production
C) Adoption of two-tiered wage and benefit structures by unionized firms
D) Declines in the unemployment and health insurance premiums paid by union workers
D
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Economic inefficiency of a monopoly is indicated by
A) P = ATCmin. B) P > MR. C) P > MC. D) MR = MC.
If a uniform abatement standard is used by the regulatory authority, what would be the dollar values of TAC and MAC for each source?
Suppose two point sources are discharging phosphorus into Wisconsin’sFox River and face the following abatement costs for this pollutant: Point Source 1: TAC1 = 500 + 0.35(A1)2 MAC1 = 0.7A1 Point Source 2: TAC2 = 750 + 1.05(A2)2 MAC2 = 2.1A2, where A1 and A2 represent the abatement of phosphorus effluents in pounds by Source 1 and Source 2, respectively, and TAC and MAC are measured in hundreds of dollars. Assume that the state environmental authority has set the total maximum daily load (TMDL) for the Fox River. To achieve this limit, 40 pounds of phosphorus must be abated across the two point sources. Use this information to answer the following questions.
Federal budget deficits became progressively smaller during the 1990s, and turned into a surplus by 1998
Indicate whether the statement is true or false
The ability of a country to produce a good or service at a lower cost than its trading partners is
A. its absolute advantage. B. its comparative advantage. C. both its absolute and comparative advantage. D. neither its absolute nor its comparative advantage.