Which of the following assumptions is made while determining equilibrium wage and labor employed in the economy?
a. Information about job vacancies is difficult to obtain for workers.
b. Mobility of workers is limited, i.e., workers can not switch jobs easily.
c. Jobs vary widely in scope and responsibilities.
d. All person-hours of labor are treated as identical.
D
You might also like to view...
Refer to Resource Supply/Demand. If the government confiscates the rent and pays the owner area D to supply Q0 units of the resource at a zero price, then
The following questions refer to the accompanying graph, which shows the supply and demand for a resource. The owner of the resource is receiving the price P0 and is providing the quantity Q0.
a. area B + C is transferred from the resource owner to the government with no loss in social gain.
b. area A + B + C overestimates the social gain that will be created.
c. demanders will continue to receive area A + B + C + D in value from the resource.
d. a deadweight loss equal to area B + C will be created.
Which of the following is NOT a characteristic of rent controls?
A. Fewer newly built apartment buildings. B. Greater availability of apartments. C. Lower expenditures on maintenance. D. Excess demand for apartments.
Which of the following is an example of marginal analysis?
A) To determine the optimal number of workers, a firm calculates the net benefits of hiring an extra worker. B) To determine the optimal amount of fertilizer to be used, a farmer calculates the total benefits of using a given amount of fertilizer. C) To choose the optimal apartment to rent, an individual estimates the net benefits of renting an apartment close to his place of work. D) To determine the optimal output that a firm should sell, the manager calculates the total revenue earned by selling different levels of output.
Which of the following will be included as a unilateral transfer in the balance of payments account of a country?
a. Transportation costs involved in traveling from a foreign country to the domestic country b. A foreign worker in the domestic country sending money to his home country c. Compensation earned by foreign workers in the domestic country d. Royalties paid to residents working in a foreign country e. Income paid on foreign-owned investments in the domestic country