Monopolization of the labor market restricts output because
A) fewer workers offer their services.
B) the higher wage raises the firm's marginal cost.
C) monopolized workers are less productive.
D) a monopolized labor market means there is also a monopolized output market.
B
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After 1960, all of the following declined except
a. the number of U.S. farms. b. the portion of U.S. labor force employed by the agricultural sector. c. the total amount of U.S. land devoted to farming. d. the average acreage per U.S. farm.
Which of the following statements regarding GDP is correct?
a. GDP includes factory production, but not any harm that may be inflicted on the environment. b. GDP accounts for all activities taking place outside markets. c. GDP provides detailed information about the distribution of income. d. GDP is a good measure of economic well-being for all purposes.