If minimum wages in a monopsony labor market are set above the firm's MFC at its initial hiring level, the effect would be to
A. reduce factor costs.
B. increase productivity.
C. reduce employment.
D. increase the hiring of unskilled workers.
Answer: C
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A) 0 B) 5 C) 10 D) 15
Country A has a lower stock of capital than Country B, but the supply of labor in both the countries is equal
A) An additional unit of capital will increase output in Country A only if there is an increase in the total efficiency units of labor. B) The increase in output due an additional unit of capital will be larger in Country A than in Country B. C) The increase in output due an additional unit of capital will be smaller in Country A than in Country B. D) An additional unit of capital will increase output in Country B only if there is an increase in the total efficiency units of labor.
In 2010, gross private domestic investment constituted ________ percent of nominal GDP
A) 70.4 B) 12.4 C) 18 D) -5.4
In the neoclassical growth theory
A) small differences in the saving rate or population growth cause large variations in per capita income. B) large differences in the saving rate or population growth rate cause small variations in per capita income. C) large differences in the saving rate or small differences in population growth cause large variations in per capita income. D) small differences in the saving rate or large differences in population growth cause large variations in per capita income.