Japan's status as a rich nation is attributable to
a. Japan's quantities of natural resources, but not to international trade.
b. international trade, but not to Japan's domestic quantities of natural resources.
c. the fact that Japanese productivity has remained nearly constant for more than 100 years.
d. the fact that the Japanese have downplayed the role of human capital in economic growth.
b
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When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed is determined by the ________ and the ________
A) supply of labor; minimum wage B) demand for labor; supply of labor C) supply of and demand for labor; the minimum wage D) demand for labor; minimum wage
The decrease in consumption and investment interest-related spending that occurs when the interest rate rises as government spending increases is called:
A) crowding in. B) crowding out. C) neutral. D) none of the above.
The change in total output that results from one additional unit of input is the:
a) Marginal physical product. b) Input price. c) Average product of the input. d) Unit cost of the input.
When a monopolist sells two units of output its total revenues are $100. When the monopolist sells three units of output its total revenues are $120. When the monopolist sells three units of output, the price per unit is:
A. $6.67. B. $20. C. $33.33. D. $40.