An increase in wages in the public sector is caused solely by increased labor productivity in that sector
a. True
b. False
Indicate whether the statement is true or false
False
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What is the function of the system of federal regulation created by Congress from 1887 until now?
(a) To change the outcomes of market decisions (b) To enforce the outcomes of market decisions (c) To replace market allocations with economic planning (d) To enforce the law
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Kate decides to play the second game. Her probability of pulling out a green marble is:
A. 40 percent. B. 75 percent. C. 10 percent. D. 50 percent.
If population growth is less than output growth for a country,
A. The per capita living standard will increase. B. Real GDP has decreased. C. GDP must have fallen at a fairly rapid rate. D. Average living standards will decrease.
Answer the following statement true (T) or false (F)
1) Weak property rights encourage faster extraction than would otherwise maximize the long- term stream of profits. 2) Elephants are moving closer to extinction in places where they are treated as private property. 3) The economic benefits of forests include provision of wildlife habitats, erosion prevention, and oxygen production. 4) In the United States and parts of Western Europe, the amount of land covered by forests is increasing.