The Leontief paradox arose because Leontief's results indicated that in the United States physical capital was an export-oriented input.
Answer the following statement true (T) or false (F)
False
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For a long time, your firm has been paying its workers a wage of $20 per hour and your employees have been happy to work 40 hours per week at this wage
Business is suddenly booming and your firm would really like your workers to agree to a 50-hour work week in order to meet this new demand for your product. You are considering two strategies. Under the first, you would raise the wage for all hours worked from $20 per hour to $22 per hour; under the second, you would leave the wage for the first 40 hours per week at $20 but offer $30 per hour for hours worked above 40 hours (that is, you would offer time and a half for overtime). Both strategies have the same cost of $1,100 if a worker chooses to work 50 hours. Which strategy is more likely to lead your employees to agree to a 50-hour work week?
A good measure of productivity is
A) the interest rate. B) the inflation rate. C) aggregate output divided by employment. D) the growth rate of aggregate output.
The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes:
A. down, the quantity demanded stays the same. B. up, the quantity demanded goes down. C. up, the quantity demanded also goes up. D. down, the quantity demanded goes down.
Perfectly competitive markets are characterized by each of the following except
A. substantial barriers to entry and exit. B. many small potential buyers. C. many small potential sellers. D. identical products.