A backward-bending portion of an individual labor supply curve is most likely to be observed:
a. at lower wages
b. at higher wages.
c. in manufacturing industries.
d. in service industries.
b
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When a tax is imposed, the surplus that is lost to buyers and sellers but converted into tax revenue is:
A. considered a cost of taxation. B. part of deadweight loss. C. the sole source of deadweight loss. D. not part of deadweight loss.
Ch 1.The fallacy of composition is the incorrect view that
What will be an ideal response?
The formula that is generally used to measure productivity is
A. goods divided by time. B. labor divided by resources. C. outputs divided by inputs. D. inputs divided by labor.
Which of the following is most likely to be predicted by the Heckscher-Ohlin theory?
A. The wage rate of the low-skilled workers will be higher in the developing countries than in the developed countries. B. The industrialized nations will mainly export labor-intensive goods. C. Countries like China will completely specialize in the production of primary products. D. The developing countries will mainly export labor-intensive goods.