In the graph of supply and demand in the market for labor:
A. individuals make up the demand curve.
B. the equilibrium price of labor is generally denoted as L*.
C. firms provide the demand.
D. equilibrium is rarely achieved.
C. firms provide the demand.
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The Heckscher-Ohlin model differs from the Ricardian model of Comparative Advantage in that the former
A) has only two countries. B) has only two products. C) has two factors of production. D) has two production possibility frontiers (one for each country). E) has varying wage rates.
The manner in which one oligopolist reacts to a change in price, output, or quality made by another oligopolist in the industry is
A) a cooperative game. B) the reaction function. C) a zero-sum game. D) the concentration ratio.
Which of the following is a true statement?
a. International data leave few doubts that a nation's GDP per person is associated with its citizens' standard of living. b. Rich and poor countries often have vastly different standards of living, but similar levels of real GDP per person. c. The value of leisure time is included in the calculation of GDP per person. d. International data indicate that measures on the distribution of income are closely associated with GDP per person.
Grace is headed to work at a catering business as a waitress for $100. Her sister Paige calls and asks her to go horseback riding instead. Grace decides to go to work, which implies Grace's opportunity cost of working is:
A. less than $100. B. equal to $100. C. no more than $100. D. greater than $100.