A decrease in the price of GPS systems will result in
A) a smaller quantity of GPS systems supplied.
B) a larger quantity of GPS systems supplied.
C) a decrease in the demand for GPS systems.
D) an increase in the supply of GPS systems.
Answer: A
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The market price of physical capital is $10 and the market wage rate is $5. If a firm is optimally hiring an additional unit of physical capital, the value of the marginal product of physical capital is:
A) $1. B) $2. C) $10. D) $50.
In Figure 3-7 above, the marginal propensity to save is
A) 1. B) 5. C) 0.5. D) 0.2.
Most goods in the economy are
a. club goods. b. common resources. c. public goods. d. private goods.
Industrial engineer Frederick Winslow Taylor was particularly rude in his recommendation that jobs be kept simple. He argued that the characteristics of lower-level workers were such that they should be assigned very limited decision rights and a narrow set of tasks. While certainly crude by today's standards, Taylor recognized that
A. broad task assignment eliminates the need for coordination. B. simple task assignment may improve overall productivity. C. simple task assignment is always dehumanizing. D. broad task assignment is necessary for complex jobs.