The short run total cost of zero output is equal to
A. zero.
B. variable cost plus fixed cost.
C. variable cost.
D. fixed cost.
Answer: D
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Occupations X and Y employ persons with the same productivity. Workers in the two occupations work the same number of hours per day when on the job. Employment is stable throughout the year in X, while Y is characterized by seasonal layoffs. How will the hourly wage rate and annual earnings compare in the two occupations?
a. The hourly wage rate will be higher in X, but the annual earnings will be higher for Y. b. Both the hourly wage rate and annual earnings will be higher in X. c. Both the hourly wage rate and annual earnings will be higher in Y. d. The hourly wage rate will be higher in Y, but the annual earnings will likely be higher for X.
Which of the following is not a relatively recent change in policy concerning welfare?
(A) Transitioning from welfare to workfare. (B) Replacing Aid to Families with Dependent Children (AFDC) with Temporary Assistance for Needy Families (TANF). (C) Setting a 5-year limit on TANF benefits. (D) Reassigning the responsibility for implementing antipoverty programs to the federal government.
Refer to Table 2-11. China has a comparative advantage in the production of
A) digital cameras. B) wheat. C) both products. D) neither product.
In the efficiency wage model, an increase in productivity will cause
A) no change in the real wage. B) an increase in the real wage. C) a decrease in the real wage. D) an increase in both the real wage and the level of employment.