High value-added per employee is associated with:
a. capital intensive industries.
b. labor intensive industries.
c. the shoe industry in 1860.
d. the use of unskilled labor.
a. capital intensive industries.
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The Nash equilibrium in a Bertrand game in which firms produce perfect substitutes and have equal marginal costs is:
a. efficient because all mutually beneficial transactions will occur. b. efficient because of the free entry assumption. c. inefficient because some mutually beneficial transactions will be foregone. d. inefficient because of the uncertainties inherent in the game.
One reason most central bankers do not set an inflation target of zero is:
A. they believe it would cause price volatility. B. it is almost impossible to achieve. C. the central bank could hit the lower bound. D. none of the answers given is correct.
The law of diminishing marginal productivity implies that identical increases in all inputs eventually will result in smaller incremental increases in total output.
Answer the following statement true (T) or false (F)
The perceived cost of hiring a black worker for an employer who is prejudiced against blacks will exceed
A. total profit. B. the wage of whites. C. the cost of hiring whites. D. the white-black wage gap. E. the wage of blacks.