The movement of workers between jobs, firms, and industries is called:
A. the demand for labor.
B. the supply of labor.
C. diminishing returns to labor.
D. worker mobility.
Answer: D
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An advantage of the corporate form of organization is that
A) owners have joint unlimited liability. B) owners have limited liability. C) owners have individual unlimited liability. D) creditors have unlimited liability.
Two stores—Lazy Guys and Ralph's Recliners—are located in the same city
Both stores buy recliner chairs from the same manufacturer at the same price and both stores are about the same size, so that the fixed costs of production for both stores are the same. Ralph's Recliners sells more recliners per month and Ralph's has a lower average total cost of production. Which of the following can explain why the average total cost of production is lower for Ralph's Recliners? A) The rent Lazy Guys pays for its building is greater than the rent paid by Ralph's Recliners. B) Ralph's explicit costs are less because Ralph owns the land on which his building is located. Lazy Guys must make lease payments for the land on which its store is located. C) The price of recliners charged by Ralph's is greater than the price charged by Lazy Guys. D) Because Ralph's Recliners sells more output its average fixed costs are lower than Lazy Guys' average fixed costs.
If global warming began to cause random world-wide damage to crops, insurance companies
A) would insure against specific crop failures. B) would not insure against specific crop failures. C) would be indifferent between insuring or not. D) would find themselves facing prosecution for ignoring the problem for so long.
The equation (MPL/PL) = (MPK/PK) represents
A. profit maximization. B. the short-run production function. C. diminishing marginal returns. D. cost minimization.