Labor-market regulations in developing countries
a. always reduce employment
b. usually reduce employment
c. may reduce employment, but the evidence is weak
d. rarely reduce employment
e. none of the above
C
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Dryden Press can produce 10,000 textbooks using 10 machines and 100 workers or using 5 machines and 300 workers. It can produce 20,000 textbooks using 10 machines and 300 workers or 5 machines and 600 workers. Construct a two-dimensional contour-type graph to show the relationship between the output of textbooks and the labor and machinery inputs.
What will be an ideal response?
What does the price elasticity of demand show?
In the market for sweaters, suppose Green's price elasticity of demand is 0.2, Smith's price elasticity is 1.2, and the price elasticity of all the other consumers is greater than 0.2 but less than 1.2 . Could the market price elasticity be less than 0.2 or greater than 1.2?
A large number of underemployed workers indicates that there is a problem in the economy because underemployment means that
A. seasonal employees work only part of the year. B. many people have stopped looking for work. C. some workers are taking time off between jobs. D. there are not enough jobs for qualified people.
When foreigners come to the United States as tourists, they are generating a
A. Supply of U.S. dollars and a supply of a foreign currency. B. Supply of U.S. dollars and a demand for a foreign currency. C. Demand for U.S. dollars and a demand for a foreign currency. D. Demand for U.S. dollars and a supply of a foreign currency.