Suppose the short-run production function is q = L0.5. If the marginal cost of producing the tenth unit is $5, what is the wage per unit of labor?
A) $1
B) $0.5
C) $0.25
D) It cannot be determined without more information.
C
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The link between the productivity of labor and the standard of living is
A) tenuous and changing. B) inverse. C) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity. D) that over the long run, consumers' rate of consumption is not related to labor productivity. E) that the productivity of labor grows much more erratically than the standard of living.
A firm in perfectly competitive industry is maximizing profit at Q = 3,000 . Then its fixed cost increases. The profit-maximizing output is now
a. greater than 3,000 and profit decreases b. less than 3,000 and profit decreases c. greater than 3,000 and profit is unchanged d. equal to 3,000 and profit decreases e. equal to 3,000 and profit increases
If one of the nation's leading banks raises the prime rate of interest by a half of a percent, and within 24 hours all of the other U.S. banks raise their prime rates by the same percentage, this behavior would be
A. an example of covert collusion. B. proof of the U.S. bank cartel at work. C. an example of illegal cutthroat price competition at work. D. an example of price leadership.
ADA has led many employers to _____.
A. use task inventory job analyses B. use the PAQ C. give special benefits to disabled employees D. modify the format of their job descriptions