Identify the correct statement from the following
a. A worker's wage line and productivity line over his lifetime are parallel to each other.
b. The wage line of a worker's lifespan is an upward sloping straight line.
c. The productivity line of a worker's lifespan rises at a decreasing rate.
d. A worker's wage is always equal to his productivity.
C
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If a macroeconomist studying the causes of unemployment suspects that changes in technology might play a role, then this macroeconomist is at which step in the process of developing an economic model?
A) Identify the exogenous variables. B) Identify the endogenous variables. C) Compare the model with the data. D) Conduct prediction and policy analysis. E) Develop a model.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Considering both country's production possibilities frontiers, we can conclude that Country B will specialize in:
A. trucks, and be willing to accept no fewer than 3 cars for each truck.
B. cars, and be willing to give no more than 3 cars for each truck.
C. trucks, and be willing to accept no more than 3 cars for each truck.
D. cars, and be willing to give no fewer than 3 cars for each truck.
If two variables move in opposite directions, they are said to be negatively correlated.
Answer the following statement true (T) or false (F)
Which would be most characteristic of oligopoly?
A. Product standardization. B. Mutual interdependence. C. Easy entry into the industry. D. Many large producers.