The biggest flaw in the logic of the labor argument is the failure to consider
A) the needs of developing countries.
B) the impact of tariffs on inflation.
C) the differences in national productivity levels.
D) the impact on employment levels.
C
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Refer to Figure 14.3. To maximize economic rent, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
The demand for labor is likely to decrease if
a. there is a rise in the demand for the good it produces b. the price of a complementary input falls c. the price of a substitute input rises d. there is a decline in the demand for the good it produces e. there is an increase in the number of firms in the market
Suppose a U.S.-made machine costs $500 and the exchange rate is 100 yen = $1 . A Japanese firm purchasing this machine would pay
a. 100 yen b. 500 yen c. 5,000 yen d. 10,000 yen e. 50,000 yen
Betty's Bakery bakes fresh bread every morning. Any bread not sold by the end of the day is thrown away. A loaf of bread costs Betty $2.00 to produce, and she prices loaves of bread at $3.50 per loaf. Suppose near the end of one day Betty still has 12 loaves of bread on hand. Which of the following is correct?
a. Betty should only sell the remaining bread for $3.50 per loaf since that is the regular price. b. Betty should only sell the remaining bread for $2.00 per loaf or more since that is what the bread costs to make. c. Betty should be willing to sell the remaining bread for any price above $0 per loaf since she will have to throw it away if she does not sell it for something. d. Betty should just throw the bread away and change the price of her bread starting tomorrow to make sure she sells all of her bread each day.