Joan can make and bottle 8 smoothies an hour. If she works with a friend, they can make and bottle 18 smoothies an hour. What is the marginal product of labor?
(A) 26
(B) 9
(C) 2
(D) 10
Ans: (D) 10
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Answer the following statement(s) true (T) or false (F)
1. The difference between the earnings of a college graduate and an unskilled worker constitute the rent on human capital. 2. Positive externalities created by human capital provide one explanation of why firms do not move more capital to low-wage areas. 3. If most employers discriminate on the basis of race, then wage differentials between whites and blacks will certainly occur. 4. If there is discrimination, employers engage in it at a cost. 5. One reason that the extent of discrimination is difficult to measure is that workers sometimes choose to accept lower-paying jobs even though higher-paying jobs are available.
Between 1980 and 2006, virtually all countries have become more open
Indicate whether the statement is true or false
A tax increase ________ disposable income, ________ consumption expenditure, and shifts the IS curve to the ________, everything else held constant
A) increases; increases; right B) increases; decreases; left C) decreases; increases; left D) decreases; decreases; left
Theories should be judged based upon how
A) well they explain things. B) consistently and accurately they predict. C) famous the economist is making the prediction. D) the amount of attention given to them by the media. E) a and b