A tariff imposed on Japanese imports into the United States tends to:
A) penalize U.S. producers and benefit Japanese producers.
B) benefit U.S. producers and penalize Japanese producers.
C) penalize both U.S. and Japanese producers.
D) benefit both U.S. and Japanese producers.
Ans: B) benefit U.S. producers and penalize Japanese producers.
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Let MP = marginal product, P = output price, and W = wage, then the equation that represents a situation where a competitive firm should lay off some workers to maximize profits is
A) P × MP > W. B) P × MP < W. C) MP × W = P. D) P × MP = W.
The general health of the population of a country improves as its medical support system improves. Which of the following is a likely outcome of this?
a. Marginal product of labor will increase. b. Value of marginal product of labor will fall. c. The equilibrium wage rate will decline. d. There will be excess supply of labor in the market.