When a firm hires a worker for one hour, the marginal cost to that firm equals the:
A. hourly wage of that worker.
B. diminishing marginal productivity of that worker.
C. price of each item that the worker produces in that hour.
D. average total cost of production at the quantity produced.
Answer: A
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Which of the following is a behavioral implication of bounded rationality?
A) unbounded selfishness B) a rule of thumb C) a rational mistake D) a nervous breakdown
The international treaty established to negotiate lower trade restrictions is known as the
a. World Bank Act b. General Agreement on Tariffs and Trade (GATT) c. International Association for Free Trade (IAFT) d. Countries United for Free Trade (CUFT) e. International Development Fund
Rent controls primarily benefit
A. people who already occupy rental units. B. builders. C. property owners. D. people looking for rental units.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle?s budget constraint is AC. He will have leftover income if he purchases the bundle represented by point
A. A. B. B. C. E. D. D.