Refer to the above table. When the quantity of labor equals 4, what does the average product equal?
A. 72
B. 216
C. 18
D. 9
Answer: C
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High rates of unemployment are undesirable because: a. they cause increased levels of societal tension
b. society loses potential production of goods and services. c. families of the unemployed may find it difficult to survive. d. all of the above.
Which of the following does not apply to a firm that has shut down in the short run?
a. Variable cost is zero. b. Total revenue is zero. c. Total cost exceeds total revenue. d. Total cost is zero. e. Fixed cost is positive.
After graduating from college, you receive job offers from five different accounting firms. All job offers have a different compensation package. Is it irrational for you to accept an offer that doesn't provide the highest level of monetary compensation? Use the concept of compensating differentials to explain your answer
Suppose that there is a negative externality associated with alcohol consumption in the United States. What does this negative consumption externality imply about the relationship between the demand curve for alcohol and the social marginal benefit (SMB) curve for alcohol?
a. The demand curve and the SMB curve for alcohol are identical. b. The demand curve lies below the SMB curve for alcohol. c. The demand curve lies above the SMB curve for alcohol. d. The demand curve intersects the SMB curve at the market equilibrium price.