Unions often have the power to push wages above competitive levels.
Answer the following statement true (T) or false (F)
True
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If you have a comparative advantage in a particular task, then:
A. you are better at it than other people. B. you give up less to accomplish that task than do others. C. you give up more to accomplish that task than do others. D. you have specialized in that task, while others have not.
Suppose a publisher faces the following costs of producing 10,000 newspapers each month: $5,500 cost of labor; $2,200 monthly mortgage payment; $250 cost of electricity to run the printing presses; $800 for ink and paper; and $200 in city property taxes (based on the value of the building and land). Its total variable costs are
a. $8,950 b. $8,750 c. $6,550 d. $6,300 e. $5,500
Expansionary fiscal policy:
What will be an ideal response?
Suppose Trevor Noah of the "Daily Show" makes an annual income of $2,000,000. If he quit his television job and went into producing he could make $400,000 per year. Trevor Noah's annual economic rent to labor is
A. $1,400,000. B. $400,000. C. $2,000,000. D. $1,600,000.