Production processes that use a high ratio of capital to labor inputs are referred to as
A. Production-intensive.
B. Labor-intensive.
C. Capital-intensive.
D. Factor-intensive.
Answer: C
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With respect to efficiency wage models, the efficiency of workers depends
a. positively on the money wage they are paid. b. positively on the real wage they are paid. c. inversely on the age of the workers. d. positively on the unemployment rate.
Refer to Scenario 14.4. How much will the monopsonist pay each worker?
A) 0 B) 78 C) 83 D) 92 E) 100
The measured unemployment rate does not rise as much as one might expect when output decreases because, as the economy contracts
A. more people enter the labor force. B. more people leave the labor force. C. more people find jobs. D. firms want to hire additional workers.
The term “dirty float” is used to describe a
A. black market in foreign currencies. B. floating currency that is “managed” by central bank authorities. C. nation that switches from free to fixed exchange rates. D. currency system used only in inflationary periods.