One World View article is titled "Glaring Inequalities." Of the countries listed, the least inequality in the distribution of income is likely to occur in
A. South Africa.
B. Japan.
C. Botswana.
D. United States.
Answer: B
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Initially a firm pays a wage and gets an output per worker which are given index numbers of 1.00. Five possible 5 percent increases in the wage and the accompanying output per worker are as follows:
1.05 and 1.09, 1.10 and 1.17, 1.15 and 1.24, 1.21 and 1.28, 1.27 and 1.31. What is the efficiency wage? A) 1.05 B) 1.10 C) 1.15 D) 1.21 E) 1.27
In the competitive price-taker model, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue curve is
a. indeterminate. b. an upward-sloping curve. c. a downward-sloping curve. d. the same as the firm's demand curve.
Productivity can be computed as the number of hours worked divided by output
a. True b. False Indicate whether the statement is true or false
Suppose that labor is the only productive resource needed. Scotland has a comparative advantage in producing firewood, while Iceland has a comparative advantage in producing wool. If the two nations trade with each other,
A. Scotland should export wool and Iceland should export firewood. B. Scotland should export both wool and firewood. C. Scotland should export firewood and Iceland should export wool. D. Iceland should export both wool and firewood.