After accounting for differing _________ as well as _________, evidence for many countries is broadly consistent with the HeckscherOhlin model.
a. factor productivities; factor endowments
b. preferences; factor productivities
c. preferences; factor endowments
d. factor endowments; generalities
Ans: a. factor productivities; factor endowments
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Firm A is a monopsonist that faces a labor supply elasticity of 2.4 whereas Firm B is a monopsonist that faces a labor supply elasticity of 1.4. Which of these monopsonists has a higher markup over wage?
A) Firm A B) Firm B C) They both pay the same. D) It is impossible to tell which pays a higher wage.
Suppose that Janis is maximizing her total utility from chairs and tables. If the marginal utility of the last table she purchased is 200 utils, and the prices of chairs and tables are $50 and $100, respectively, then the marginal utility of the last chair she purchased
a. is 100 utils b. is 400 utils c. is 200 utils d. is 50 utils e. cannot be determined without more information