In the real world, how many people does it take to make a light bulb?
A) About five. One person will make the bulb, and four will watch over the person doing the work.
B) Between ten and twenty
C) Less than forty
D) Millions
D
Economics
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If W is the nominal wage rate, N is the quantity of labor, P is the price level, and Y is real income, then labor's share in national income is
A) WN - PY. B) WP/YN. C) WN/PY. D) PY - WN.
Economics
A law that requires hairdressers to undergo many hours of training and acquire a license before they can offer haircuts to the public is an example of a
a. positive externality. b. natural monopoly. c. barrier to entry. d. public good.
Economics