How mobile is Europe's labor force?
What will be an ideal response?
Differences in language and cultural discourage labor movements between European countries. Differences in regional unemployment rates are smaller and less persistent in the United States than are differences between national unemployment rates in the European Union. Even, within European countries, labor mobility appears limited, partly because of government regulations. For example, the requirement in some countries that worker establish residence before receiving unemployment benefits makes it harder for unemployed workers to seek jobs in regions that are far from their current homes.
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. At a quantity of 12,000 pounds
A) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently high. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. C) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. D) producers should lower the price to $3 in order to sell the quantity demanded of 12,000.
Labor cost on an average accounts for about _____ percent of the total cost of production
a. 10 b. 30 c. 50 d. 70 e. 98