Refer to the above table. Suppose the firm hires 4 workers and the price of the good sold is $4. The marginal factor cost of labor must be
A. $150.
B. $4.
C. $600.
D. $3080.
Answer: C
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The incidence of a per-unit tax on a good is identical for buyers and sellers of the good if:
A) the buyers and sellers of the good are equally sensitive to price changes. B) the elasticity of market demand exceeds the elasticity of market supply. C) the market supply curve is flatter than the market demand curve. D) the market demand curve is horizontal.
As an individual, you cannot participate in the financial markets to issue new stock or sell new bonds because
A) it is too costly for individual savers to research your credit worthiness. B) you have a bad reputation. C) your good reputation is insufficient to convince savers. D) your bank has foreclosed on your automobile loan.
The U.S. fiduciary monetary system
A) is the one agency responsible for providing coins and paper currency. B) is one where money is not convertible to a fixed quantity of gold. C) puts capital controls in place. D) controls the private banking system.
In order to derive a demand curve for cheese, we would change
a. income and hold other things constant b. tastes and hold other things constant c. the price of other goods and hold everything else constant d. the price of cheese and hold other things constant e. the price of all goods, including cheese and hold other things constant