Laws are efficient if they
A. help maximize total benefits of behavior.
B. restrict all undesirable action like polluting.
C. uphold absolute property rights.
D. impose no costs on citizens.
E. work to equate the marginal benefits and marginal costs of behavior.
Answer: E
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Refer to the above figure. Suppose there are L4 workers in the union, and the union wants all of its workers to have a job. It will set the wage rate at
A) W1. B) W2. C) W3. D) W4.
The presence of diminishing marginal returns to labor leads to decreasing marginal revenue product of labor and a downward-sloping demand for labor curve
a. True b. False
The U.S. balance of trade has been in a large surplus since 2001
a. True b. False Indicate whether the statement is true or false
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00If the oranges were grown and the jam produced in the year 2015, but the marmalade was sold at The Corner Store in the year 2016, what is the contribution of these transactions to GDP in the year 2015?
A. $2.50 B. $2.75 C. $2.00 D. $1.25