Refer to Figure 2-4. Consider the following events:
a. an increase in the patent protection period to 75 years
b. a hurricane that destroys a substantial portion of a nation's capital stock
c. the implementation of a secure and enforceable property rights system
Which of the events listed above could cause a movement from W to Z?
A) a only B) a and b only C) a and c only D) b and c only E) a, b, and c
C
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When a hair stylist charges men less than women for a haircut because men's hair take less time to cut, the hairstylist is practicing price discrimination.
Answer the following statement true (T) or false (F)
What is human capital?
A. Immigrant labor B. Someone who operates heavy equipment C. Your professor's knowledge of the economy D. A car assembly line robot
How does the natural unemployment rate change and what factors might make it change?
What will be an ideal response?
Suppose the federal government allows labor unions to act as the sole seller in labor markets, but the government collects an annual $10,000,000 "administrative fee" from each union in this situation
Assuming this fee is not so large that it forces the unions to disband, what is the impact of this fee on the equilibrium wage and employment level in the monopolized labor market? A) Wages and employment decline. B) Wages increase and employment declines. C) Employment increases and wages decline. D) No change in wages or employment levels.