The United States has a larger real GDP than China because
A. The U.S. population is larger but works in capital-intensive jobs.
B. The U.S. population is smaller but works in capital-intensive jobs.
C. The U.S. population is larger but works in labor-intensive jobs.
D. The U.S. population is smaller but works in labor-intensive jobs.
Answer: B
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Suppose there are two market structures: A and B. Market A is characterized by free entry and exit of firms and firms under this structure face a horizontal demand curve. Market B has only one seller. Identify the market structures
Comment on the pricing mechanism, long-run profitability, and social surplus under both market structures.
Refer to Table 4-7. Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $12.50; Q = 630,000 B) W = $8.50; Q = 550,000 C) W = $11.50; Q = 610,000 D) W = $9.50; Q = 570,000