If the cost of capital is $1,000 per hour, the wage paid to employees is $50 per hour, the marginal product of capital is 800 units per hour, and the marginal product of labor is 40 units per hour, to minimize its costs, the firm should ________.
A) decrease the amount of labor used and increase the amount of capital used
B) not change the amount of labor or capital
C) increase the amount of labor and capital used
D) increase the amount of labor used and decrease the amount of capital used
B) not change the amount of labor or capital
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Economic anthropologists have been concerned with two main questions, one focusing on systems of human behavior and the other on the individuals who participate in those systems. The first question is: How are production, distribution, and consumption organized in different societies? The second question is:
A. Why has the myth of the profit-maximizing individual been so pervasive, despite evidence to the contrary? B. What are the best ways to convince individuals in funding agencies of the value of ethnographic knowledge in the realm of economics? C. What encourages overconsumption in Western economies? D. What motivates people in different cultures to produce, distribute or exchange, and consume? E. What has been the impact of globalization at the level of individuals?
Although nuclear families are found in many societies around the world, this phenomenon is not a cultural universal
Indicate whether the statement is true or false.
Mbuti pygmies have adapted well to a lifestyle based on mining and farming
Indicate whether the statement is true or false.
According to Elizabeth Eames in "Negotiating Nigerian Bureaucracies," Nigerian bureaucracies, like those in the west, are organized on the principle Max Weber called legal domination
Indicate whether the statement is true or false.