To find social costs
A) internal and private costs have to be added together.
B) internal and external costs have to be added together.
C) internal and implicit costs have to be added together.
D) internal and production costs have to be added together.
B
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Which of the following is NOT true about the supply of labor to the firm in a competitive labor market?
A) It is horizontal. B) It is perfectly elastic. C) It is equal to the marginal expenditure curve. D) It is upward sloping.
The adoption of modern technologies and business methods have the possibility to improve economic performance in a nation with low per capita income and low growth, but only if
a. its natural resources are sufficient. b. its workers become educated rapidly enough. c. it improves its institutions, making them sound enough to attract capital and entrepreneurial activity. d. its government has enough skilled planners to properly deploy new capital.
Most labor economists believe that the supply of labor is
a. less elastic than the demand, and, therefore, firms bear most of the burden of the payroll tax. b. less elastic than the demand, and, therefore, workers bear most of the burden of the payroll tax. c. more elastic than the demand, and, therefore, workers bear most of the burden of the payroll tax. d. more elastic than the demand, and, therefore, firms bear most of the burden of the payroll tax.
A characteristic of a competitive labor market is
A. an equilibrium wage and quantity supplied. B. an overall reduction in employment due to firms having market power. C. high levels of unemployment. D. labor supply changing as the wage changes.