If 9 units of labor will be supplied if the wage rate is $12 and 10 units of labor will be supplied if the wage rate is $14, then the marginal factor cost for the tenth unit of labor is
A. $12.
B. between $12 and $14.
C. more than $14.
D. less than $12.
Answer: C
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A) the payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance B) advances in medical technology C) uninsured patients receiving treatment in hospital emergency rooms that could have been provided less expensively at doctor's offices D) the aging population
During which Presidential administration did the United States both end its commitment to Bretton Woods and institute significant wage and price controls?
a. Dwight Eisenhower b. Richard Nixon c. Jimmy Carter d. William Clinton
A country on a gold standard was able to maintain people's confidence in the value of its currency by:
a. printing more and more paper money. b. restricting international exchange of goods and services. c. ensuring the convertibility of paper money into gold. d. maintaining a fixed stock of foreign currencies. e. ensuring balance of payment surplus.
In a modern economy, the economic life of every individual is interrelated
a. True b. False Indicate whether the statement is true or false