A method that is technologically inefficient
A) might or might not be economically efficient.
B) can never be economically efficient.
C) results from failure to calculate the ratio of the cost of labor to the cost of capital.
D) means that it uses too much labor and too little capital.
B
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John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517What is the lowest price per window that would induce John to spend at least one hour per day cleaning windows?
A. $2 B. $3 C. $1 D. $7
Which of the following is likely to cause a rise in the wage rate and a decrease in the number of workers hired in a garage?
A) The shutdown of a nearby garage B) A decrease in the price of the services provided by the garage C) An increase in the price of the services provided by the garage D) The opening of a new garage nearby that offers higher wages to its workers
Which of the following statements is NOT true during the colonial years, according to Hughes and Cain (2011)?
(a) Labor organizations were considered, by law, criminal conspiracies against society. (b) Colonial society provided for its aged and sick poor; others had to work. (c) Efforts to control wages and prices by governmental authority were present. (d) Compulsory labor applied only to slaves and indentured servants. (e) Idle persons were frequently jailed for the crime of having no visible means of support.
You have won a contest and are allowed to choose between two prizes. One prize is $200 today and another $200 one year from now. The other prize is $100 today and an additional $325 one year from now
At what interest rate (if any) would you be indifferent between the two prizes?