The United States has a large supply of human capital, which gives it a comparative advantage in ______ production.
a. aircraft
b. clothing
c. coffee
d. wheat
a. aircraft
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What two factors should you equate in deciding how many workers to employ?
A) The marginal product of labor and the marginal product of capital B) The marginal product of labor and the real wage rate C) The marginal product of labor and the real interest rate D) The marginal product of capital and the real wage rate
An indifference curve consists of quantity combinations of two goods that yield:
a. equal marginal utilities. b. negative marginal utilities. c. the same price ratios. d. the same total satisfaction.
In the 1945 Alcoa antitrust case, the Court found ALCOA:
a. not guilty of violating the Sherman Antitrust Act because it was a good monopoly. b. did not have a good reason for having a large market share, so found it guilty. c. guilty because its firm size was a per se violation of antitrust laws. d. not guilty because it did not engage in any illegal or unfair acts. e. was no threat to industrial democracy.
The more dangerous of two jobs currently pays $3 more per hour. The jobs are equivalent in all other respects. If labor is migrating from the higher-risk job to the lower-risk job, then
a. the equilibrium compensating wage differential is less than $3 per hour b. the wage rate will drop for the more dangerous job c. the wage rate will rise for the less dangerous job d. the equilibrium compensating wage differential is greater than $3 per hour e. equilibrium is unattainable in the two labor markets