If the rate of exchange for a pound of $4, the rate of exchange for the dollar is _____ pound.
Fill in the blank(s) with the appropriate word(s).
ΒΌ
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As an economy accumulates more capital per worker, labor productivity:
a. increases and the standard of living grows. b. decreases and the standard of living falls. c. decreases and the standard of living grows. d. increases and the standard of living falls.
Comparable worth laws can be justified by the fact that wages are determined exclusively by market forces.
Answer the following statement true (T) or false (F)
If a perfectly competitive firm has economic profits greater than zero, then we know that
A. the firm is producing at the bottom of the average total cost curve. B. the firm's industry is not in long-run equilibrium. C. the firm's industry is in long-run equilibrium. D. the firm will reduce output.
Refer to Figure 4-10. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing consumer surplus after the imposition of the price floor?
A) A + B + D B) B + C + D + E C) A D) C + E