Which of the following is a possible benefit of labor unions?
A. They may help firms to retain a more experienced workforce.
B. They may help firms reduce training costs of new employees.
C. They may facilitate communications between workers and managers.
D. All of these
Answer: D
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Market structure is defined as the:
a. number of firms in each industry. b. similarity of the product sold. c. ease of entry into and exit from the market. d. all of these.
If a firm experiences constant returns to scale at all output levels, then its long-run average total cost curve would
a. slope downward. b. be horizontal. c. slope upward. d. slope downward for low output levels and upward for high output levels.
The time, money, and effort one has to spend managing cash in the face of inflation is referred to as:
A. shoe-leather costs. B. menu costs. C. tax distortions. D. the velocity of inflation.
The production function for Country A exhibits constant returns to scale. Suppose that physical capital per worker, human capital per worker, and natural resources per worker all triple. At the same time, Country A's technological knowledge doubles. Productivity a. does not change. b. is now two times larger
c. is now three times larger. d. is now six ties larger.