If average labor productivity in two countries is the same, average living standards will be higher in the country with:
A. the smaller population.
B. the higher share of population employed.
C. the lower share of population employed.
D. the larger population.
Answer: B
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In a competitive industry where different firms have different cost structures, the industry supply curve is:
A) upward sloping. B) downward sloping. C) vertical. D) horizontal.
Which of the following is true of units of utility?
a. Each unit is worth $1. b. They cannot be compared across consumers. c. They apply to goods but not to services. d. They do not exist for very wealthy individuals. e. They are negative for inferior goods.
In the long run, a firm might experience rising average total costs due to
a. economies of scale. b. diseconomies of scale. c. the law of supply. d. the law of diminishing marginal returns.
The high cost of labor in the European labor market is partially caused by:
a. Substantial labor market regulation b. high productivity c. restrictions on hiring d. a hire and fire policy e. none of the above