Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a steel-producing factory?
A) An increase in the opportunity cost of leisure
B) A decrease in the opportunity cost of leisure
C) The introduction of labor-saving technology in the factory
D) The introduction of labor-complementary technology in the factory
D
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Economies with poorly defined property rights are often inefficient because
a. individuals spend time trying to protect their resources b. there are no voluntary exchanges c. all exchanges are voluntary d. there are no side payments e. of the absence of free riders
The Economic Recovery Tax Act of 1981 stipulated that individual income tax be cut ________ over three years.
A. 5% B. 15% C. 25% D. 50%
The Trump administration hopes to expand apprenticeship programs that provide skills needed by workers. This would ________ the employment-population ratio, which would increase ________
A) increase; growth in labor productivity B) increase; the growth rate of hours worked C) decrease; growth in labor productivity D) decrease; the growth rate of hours worked
Refer to the data. The marginal revenue obtained from selling the third unit of output is:
A. $6.
B. $1.
C. $2.
D. $5.