One factor that contributed to the growth in the share of population employed in the United States between 1960 and 2000 was increased:
A. female labor force participation.
B. labor union participation.
C. male labor force participation.
D. minimum wages.
Answer: A
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The improved health of a nation can increase:
A. the productivity of workers and economic development. B. economic growth and malnutrition among children. C. economic development and illiteracy. D. productivity of workers and fiscal policy spending.
When competitive forces in an industry are weak,
a. the absence of competition generally leads to overproduction. b. prices may exceed the amount consumers are willing to pay. c. the operational efficiency of private firms will be enhanced. d. higher prices and less than optimal production may result.
Producer surplus is:
A. the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B. the difference between the market price consumers are willing to pay for a product and the actual price they pay. C. the price a producer receives for a product minus the marginal cost of production. D. the economic profit earned from the sale of a good, minus its marginal cost of production.
Assume that labor is the only variable input and that the payment made to labor is denoted as W. The ________ can be stated as W/MC.
A. marginal product of labor B. total cost of labor C. total revenue from labor D. marginal revenue product of labor