The factor of production called "labor" can be defined as the:
A. time spent by employees in the production of goods, but not services.
B. number of worker-hours a business uses at a given time.
C. fraction of total costs spent on people.
D. number of people a business has access to at any given time.
Answer: B
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In a defined contribution pension plan,
A) pension income varies depending on how well the plan's investments have done. B) the employee is promised an assigned benefit based on earnings and years of service. C) if the funds in the pension plan exceed the amount promised, the excess accrues to the issuing firm or institution. D) all earnings are taxable as regular income.
If there are 2 identical firms in a market that choose the quantity they produce, total welfare is the highest when there is a cartel
Indicate whether the statement is true or false