An employer would never operate on the upward-sloping part of an MRP curve because
A. he or she would not be maximizing profits.
B. he or she would be hiring workers at wages above MRP.
C. the number of workers is too large to get economies of scale.
D. he or she would then have too little capital per worker.
Answer: A
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According to the Application, one reason for the increase in Chinese demand for pecans was
A) the expectation of higher future prices. B) a decrease in income. C) an increase in the price of walnuts, a substitute good. D) an increase in consumer preferences.
Which of the following statements best serves as a summary of the other statements?
a. Low income can mean poor nutrition during the formative years, which can retard mental and physical development b. Low income and low productivity may reinforce each other in a cycle of poverty c. Low productivity obviously results in low income d. Low income means less saving and less saving means less investment in human and physical capital e. Poverty can result in less education, less capital formation, a poor diet, and little health care
A. money is not an effective tool for exchange in a market system. B. there is an active role for government, even in a market system. C. individuals and firms should strive to be self-sufficient rather than specialize. D. command systems are
superior to market systems in the allocation of resources. A. Private ownership of property resources. B. Competition among buyers and sellers pursuing monetary returns. C. The widespread use of money. D. Freedom of enterprise and choice.
Refer to the information provided in Table 19.8 below to answer the question(s) that follow.Table 19.8Total IncomeTotal Taxes$20,000 $2,000 40,000 4,800 60,000 9,000 80,000 16,000Related to the Economics in Practice on page 393: Refer to Table 19.8. At an income level of $20,000, the average tax rate is
A. 1%. B. 5%. C. 10%. D. 20%.