One important similarity among the European economies is
a. the very minor role played by the state in almost all cases.
b. the unimportance of safety nets to provide income and employment security.
c. the almost total absence of subsidization by the state.
d. their common constitutional history
e. the high share of transfers for the welfare state.
E
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The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output.
Answer the following statement true (T) or false (F)
In monopsony:
A. each firm employs a small portion of the total supply of labor. B. the workforce is highly mobile. C. the wage rate paid by the employer varies directly with the number of workers employed. D. the employer is a "wage taker."
If the price of coffee increases from $2.50 per cup to $3.00 per cup and the quantity demanded goes down from 120 cups per week to 115 cups per week, the absolute value of price elasticity of demand in that price range is approximately
A) 0.23. B) 4.35. C) 0.93. D) 2.34.
Over the past year, output grew 4%, capital grew 2%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?
A. 2.7% B. 3.3% C. 2.0% D. 3.0%