Income inequality has risen in recent years due to a rise in labor's share of national income as a result of globalization
a. True
b. False
Indicate whether the statement is true or false
False
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Economic growth can be defined as
A) the rate of growth in the productivity of labor. B) the rate of growth in the productivity of capital. C) the rate of growth of labor plus the rate of depreciation of capital. D) the rate of growth of labor plus the rate of growth of capital plus the rate of growth in the productivity of labor and capital.
To finance a budget deficit the federal government borrows funds
Indicate whether the statement is true or false
If a monopolist produces 100 units of output at a market price of $5 per unit with marginal revenue per unit equaling $4, we would expect that if the monopolist's good were provided under pure competition, quantity would be:
A. lower than 100 units, price would be greater than $5, and MR = price. B. higher than 100 units, price would be lower than $5, and MR = price. C. lower than 100 units, price would be lower than $5, and MR = price. D. higher than 100 units, price would be greater than $5, and MR = price.
Number of workersUnits of output00110230344455
Refer to Table 5.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. Diminishing marginal returns set in with the addition of the:
A. third worker. B. fourth worker. C. fifth worker. D. sixth worker.