If a job pays a wage of $50 per hour, but has a non-wage cost valued at $20 per hour, the net benefit of taking the job equals:
A) $2.5 per hour.
B) $20 per hour.
C) $30 per hour.
D) $70 per hour.
C
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In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller
A) the greater the difference between marginal cost and average revenue. B) the smaller the difference between marginal cost and price. C) the greater the difference between marginal cost and price. D) the smaller the difference between marginal cost and average total cost.
Division of labor increases productivity because
a. tasks can be assigned according to individual tastes and abilities b. workers who repeatedly perform the same tasks become bored c. each worker must learn each of the numerous tasks in the total production process d. specialization of labor allows for the introduction of cheaper, less sophisticated production techniques e. managers can force workers to produce goods that are valued more highly than the costs of producing them.
Growing capital spending and privatization were two of the factors due to which the U.S. economy experienced a strong recovery in 1994
a. True b. False Indicate whether the statement is true or false
What are variable costs?
a. costs that change with the level of output b. costs that do not change when output rises c. costs that rise when output decreases d. costs that do not affect long-run average total cost