Consider two economies: A and B. In economy A, the work culture is such that people do not mind working for 12 hours a day. On the contrary, in economy B, people work for a maximum of 6 hours in a day. If the culture hypothesis holds, then:
A) the growth rate in both economies are likely to fluctuate randomly.
B) economy A is likely to grow faster than economy B.
C) economy B is likely to grow faster than economy A.
D) both economies are likely to grow at the same rate.
B
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The marginal product of labor is the change in
A) total cost from employing one more worker. B) total revenue from employing one more worker. C) average product from employing one more worker. D) total output from employing one more worker. E) total output divided by the change in cost from employing one more worker.
The market pricing system corrects an excess supply by.
a. raising the product price and increasing producer profits. b. lowering the product price and decreasing producer profits. c. raising the product price and decreasing producer profits. d. lowering the product price and increasing producer profits.
Behavioralists believe that:
A. if four or fewer firms control more than half of the market for a product, then the Sherman Act is being violated. B. industries should be judged on the basis of their price-output behavior and their technological progressiveness. C. there is no evidence that any monopolistic industry has abused its market power. D. all concentrations of economic power are socially undesirable.
The way in which an oligopolist acts in response to a price change by a competitor is known as a
A) zero-sum game. B) positive-sum game. C) reaction function. D) cooperative game.