Which of the following is an accurate statement about the underground economy?
a. It is given a penalty tax in addition to a standard tax.
b. It can account for more than one-third of the GDP in developing countries.
c. It often includes everyday activities, such as housework and gardening.
d. It is reported to the U.S. government through official channels.
b. It can account for more than one-third of the GDP in developing countries.
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Millions of people from Mexico have migrated to the United States. This has reduced the supply of labor in Mexico and increased the supply of labor in the United States. Assume that the demand for labor in Mexico and the United States is unchanged
Then wages in the United States ________ and wages in Mexico ________. A) fall; rise B) rise; do not change C) rise; rise D) do not change; fall E) fall; fall
The marginal product of labor (measured in units of output) for Expando Corp is given by MPN = A(400 - N)
where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $18? A) 57 B) 107 C) 197 D) 397
What is the shape of the average total cost curve for a firm in the short run?
a. U-shaped. b. A horizontal line. c. A vertical line. d. A curve that slopes upward to the right.
As a result of increasing its workforce from 9 workers to 10 workers, a firm's total revenue per day increases from $60,000 to $60,250 and its total cost per day increases from $58,500 to $58,700 . The marginal profit of the 10th worker is
a. -$50. b. $50. c. $200. d. $250.