A problem with measuring the factor shares to determine scarcity or abundance is that:
a. it is very hard to count workers in some nations.
b. estimates are very unreliable.
c. the quantity of a factor may not be as important as its productivity.
d. scientists disagree over the method by which to compute "share.
Ans: c. the quantity of a factor may not be as important as its productivity.
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What happens to the equilibrium wage and quantity of labor if output price rises?
A) The equilibrium wage and the equilibrium quantity of labor rise. B) The equilibrium wage rises and the equilibrium quantity of labor falls. C) The equilibrium wage falls and the equilibrium quantity of labor rises. D) The equilibrium wage and the equilibrium quantity of labor fall.
Which of the following is NOT a way to signal high quality
a. wearing a business suit on a job interview b. leaving a big tip for the waiter after a dinner date c. offering a cheap engagement ring to your bride d. Visiting the beauty salon before a big date