Health and safety regulations in the labor market:
A. should be evaluated by comparing their costs to their benefits.
B. can lead to an increase in frictional unemployment.
C. are necessarily inefficient if they impose additional costs on employers.
D. are always efficient because they improve working conditions.
Answer: A
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If the market for a good or service is competitive,
a. there are many independent buyers and sellers b. buyers and sellers have no control over price c. there are no entry barriers d. all of the above
Factors of production include
A) the economic system. B) land, labor, capital and entrepreneurship. C) labor and capital (not land, which is fixed). D) only capital, land, and labor.
Marginal cost is the additional cost to a firm of producing one more unit of a good or service
Indicate whether the statement is true or false
Countries that grow the fastest are those that adopt inward-oriented policies toward trade and foreign direct investment.
Answer the following statement true (T) or false (F)