Refer to Figure 8.5. Suppose the firm increases output from 20 to 30 units. In the short run:
A. the firm will employ the same amounts of labor and capital as it would in the long run.
B. the firm will employ 5 more workers and 2 less units of capital than it would in the long run.
C. the firm will employ 5 fewer workers and 2 more units of capital than it would in the long run.
D. the firm will produce the output at a lower cost than it can in the long run.
B. the firm will employ 5 more workers and 2 less units of capital than it would in the long run.
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Featherbedding refers to union efforts to force employers to hire more workers than demanded at a particular wage
a. True b. False
Recent immigration (legal and illegal) has a high proportion of low skilled workers. What are the economic effects of the increase in low skilled workers?
a. lower wages in low skill jobs and higher costs to middle and upper income households of services such as housekeeping and lawn care b. higher wages in low skill jobs and lower costs to middle and upper income households of services such as housekeeping and lawn care c lower wages in low skill jobs and lower costs to middle and upper income households of services such as housekeeping and lawn care d. lower wages in low skill jobs and higher costs to middle and upper income households of services such as housekeeping and lawn care
Fine Edge manufactures lawn mowers. In 2014 it had $2 million worth of lawn mowers in inventory. In 2015 it sold $10 million worth of lawn mowers to consumers and had $1 million worth of lawn mowers in inventory. How much did the lawn mowers produced by Fine Edge add to GDP in 2015?
a. $11 million b. $10 million c. $7 million d. $9 million
Price Per YardQuantity supplied$15?$2520 Refer to the table, which shows part of the weekly supply schedule for fall leaf-raking in a certain neighborhood. According to the laws of economics, which of the following could be the missing number?
A. 30 B. 10 C. 20 D. More information is needed.