If government-assured medical and other benefits increase the labor costs, everything else remaining constant, then firms will tend to hire more of the other resources instead of labor
a. True
b. False
Indicate whether the statement is true or false
True
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Given the information in the table above
A) neither country has a comparative advantage in cloth. B) Home has a comparative advantage in widgets. C) Foreign has a comparative advantage in widgets. D) Home has a comparative advantage in both cloth and widgets. E) neither country has a comparative advantage in widgets.
Historical data suggests that a trend toward ________ natural employment ________
A) larger, deficits from the early 1960s to the mid-1980s. B) larger, surpluses form the early 1960s to the mid-1980s. C) smaller, surpluses form the mid-1980s to 1995. D) larger, surpluses from the mid-1980s to 1995.
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. What is the opportunity cost of using the coupon for the Miami trip?
A. $450 B. $100 C. $500 D. $550
Answer the following questions true (T) or false (F)
1. Inflation usually increases during a recession and decreases during an expansion. 2. The process a firm uses to turn inputs into outputs of goods and services is called technology. 3. If a firm experiences positive technological change, it is able to produce more output using the same inputs.