Give at least three reasons why U.S. workers supply so much more labor than workers in France and other rich leader countries.
What will be an ideal response?
There are many possible explanations: (a) cultural differences regarding the balance between work and leisure, with French workers having a preference for more leisure; (b) the effects of strong unions in France and other leader nations that limit the supply of work; (c) having higher and more generous unemployment and retirement benefits in France and other leader nations that reduces the size of the labor force; (d) higher taxes in France and other leader nations that reduce the incentive to work; and (e) greater legal restriction on the length of the work week in France limits work time compared with the United States.
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The primary difference between the neoclassical growth model and endogenous growth models is that
a. the neoclassical growth model assumes that technology is exogenous. b. endogenous growth models attempt to explain movements in technology within the model. c. changes in savings rates can affect growth in the long-run in endogenous growth models. d. both a and b. e. all of the above.
Price floors are
A. sometimes associated with surpluses. B. always associated with surpluses. C. sometimes associated with shortages. D. always associated with shortages.
Use the following graphs to answer the next question.
For which graph are there economies of scale throughout the entire range of output of cars?
A. Graph 1 B. Graph 2 C. Graph 3 D. Graph 4
Counter cyclical policies ________
A) increase the intensity of economic fluctuations B) lead to hyperinflation C) smooth the rate of growth of the economy over time D) lower output below its potential level