Which of the following is the primary source of cross-country differences in the real earnings of workers?
a. differences in natural resource endowments
b. differences in the share of workers that are members of a labor union
c. differences in output per worker
d. access to modern technology
e. differences in the average number of hours worked
c. differences in output per worker
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As long as the market sets prices above marginal costs, production will be efficient.
Answer the following statement true (T) or false (F)
In the above figure, if the milk industry is perfectly competitive, then the firm's marginal revenue curve is represented by
A) curve F. B) curve G. C) curve H. D) curve I.
Imagine that the U.S. economy is in equilibrium at full employment without inflation where national income is at $6,700 billion. The MPC = 0.8 . If massive flooding along the Mississippi River leads Congress to approve a spending package of $10 billion to aid flood victims, the government must also take which of the following actions to keep the economy in equilibrium at full employment without
inflation? a. increase taxes by $10 billion b. decrease taxes by $10 billion c. cut other government spending programs by $7.5 billion d. increase taxes by $12.5 billion e. decrease taxes by $12.5 billion
(Last Word) Because there are so many sources of carbon dioxide, making monitoring difficult and costly, many economists:
A. prefer a carbon tax to cap-and-trade for reducing carbon dioxide emissions. B. prefer cap-and-trade to a carbon tax for reducing carbon dioxide emissions. C. believe that cap-and-trade and a carbon tax are both costly but should be implemented to reduce carbon dioxide emissions. D. believe that neither cap-and-trade nor carbon taxes can effectively reduce carbon dioxide emissions.