Which of the following is a reason behind increase in household income and wealth inequalities in the U.S?
A. Decrease in international competition in the manufacturing sector
B. Increase in the production of consumer durables during the 1990s
C. Increase in manufacturing jobs
D. Increase in robotic production
Answer: D
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We all use the services of speculators as information in reaching our own economic decisions
A) because speculators are aggressive about marketing the information they produce. B) because we all use prices, which are set by bids and offers based on predictions of the future. C) if we buy or sell commodities through an organized exchange. D) if we play the stock market.
A firm is employing capital and labor such that the marginal product of capital is 30 and the marginal product of labor is 10
If the price of a unit of capital is $50 and the price of a unit of labor is $10, is the firm minimizing its costs? If not, can you recommend a change for the firm to make in its relative amounts of labor and capital used? Explain.