All industrialized countries have become "service economies." Which factor helps explain this shift?
a. Trade unionism and failure of the manufacturing sector to grow.
b. Information age and labor saving innovation in manufacturing.
c. Non availability of industrial labor with required skills.
d. Absence of competition in the service sector.
b
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In the above table, if the marginal revenue product is $18, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 5; $18 B) 3; $14 C) 3; $18 D) 4; $16
When people make a decision to not participate in a program unless they actively enroll for it, program participation is:
A. likely to be higher than if people were automatically enrolled and had to actively opt-out of participating. B. likely to be lower than if people were automatically enrolled and had to actively opt-out of participating. C. likely to be the same as if people were automatically enrolled and had to actively opt-out of participating. D. exclusive, which always makes it more attractive to people.