The Black Death in fourteenth-century Europe resulted in
a. a lower marginal product of land.
b. a lower marginal product of labor of surviving workers.
c. economic hardship for surviving peasants.
d. economic prosperity for surviving landowners.
a
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Refer to the figure above. If there is downward wage rigidity in the market, what will be the unemployment in the market after the demand curve shifts to LD2?
A) 20 units of labor B) 5 units of labor C) 10 units of labor D) 15 units of labor
Which one of the following is not an accurate description of the activities in which labor unions engage?
A) Control competition among workers for jobs. B) Encourage consumers to purchase union-made products exclusively. C) Enforce seniority criteria when employers are contemplating layoffs. D) Help workers compete against corporate employers. E) Protect workers against arbitrary treatment by management.
"For goods that are unrelated in consumption, efficiency requires that tax rates be inversely proportional to elasticities." This is the definition of
A. the benefits-received principle. B. the Ramsey Rule. C. the second best principle. D. the inverse elasticity rule.
The above figure shows the demand and supply curves in the market for milk. If the government imposes a quota at 500 gallons, calculate the deadweight loss
What will be an ideal response?