Among these countries, which has the highest hourly wage and fringe benefits in manufacturing?
A. Germany
B. Japan
C. The U.S.
D. Canada
A. Germany
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Homer changes jobs and his new job pays him a higher income. Before he changed jobs, Homer purchased 3 pounds of tuna and 2 pounds of chicken. After he changed jobs, Homer now purchases 2 pounds of tuna and 3 pounds of chicken. For Homer
A) tuna is a normal good and chicken is an inferior good. B) tuna is an inferior good and chicken is a normal good. C) both tuna and chicken are normal goods. D) both tuna and chicken are inferior goods.
Which of the following will most likely have the greatest effect on an individual's consumption function?
a. winning a small amount in the lottery b. a one-time tuition grant c. a week of high overtime pay d. an inheritance paying a modest annual dividend
A worker's "real" wage is related to:
a. his productivity in the workplace. b. the value of his production to his employer. c. the nation's absolute advantage in production of that product. d. his productivity in the workplace, the value of his production to his employer, and the nation's absolute advantage in production of that product.
With allocative efficiency:
A. the available supplies of factors of production are fixed in both quantity and quality. B. production of any particular mix of goods and services is that mix most wanted by society. C. production of any particular mix of goods and services occurs in the least costly way. D. the state of technology-or methods used to produce output-does not change.