The benefits principle states that the users of a service should pay for that service
a. True
b. False
Indicate whether the statement is true or false
True
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In the specific factor model, the effect of an increase in the productivity of labor in the production of food will cause a(an) ________ in the quantity of labor used to produce cloth, a(an) ________ in the quantity of labor used to produce food and
a(an) ________ in the wage rate. A) decrease; increase; increase B) increase; decrease; increase C) increase; decrease; decrease D) decrease; increase; no change E) increase; increase; no change
A union can induce a rise in equilibrium wages in a unionized industry by
A) not striking. B) successfully increasing the demand for union labor. C) successfully decreasing the demand for union labor. D) reducing the marginal revenue product of firms employing union labor.
For a constant-returns-to-scale production function,
a. marginal costs are constant but the average cost curve has a U-shape. b. both average and marginal costs are constant. c. marginal cost has a U-shape; average costs are constant. d. both average and marginal cost curves are U-shaped.
Lowering tax rates was the main priority of the
A. classicals. B. Keynesians. C. monetarists. D. supply-siders.