In the table above, if the wage rate is $8.00 per hour, the profit-maximizing number of workers is
A) 1.
B) 2.
C) 4.
D) 5.
C
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The downward sloping labor demand curve demonstrates that as the ________ increases the ________ decreases
A) nominal wage; amount of labor supplied B) real wage; amount of labor supplied C) real wage; amount of labor hired D) nominal wage; amount of labor hired
Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase. b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices. c. The demand for surgical assistants will increase. d. All of the above.
One "design principle" that makes informal, community-based solutions to public goods and common resource problems more effective is:
A. clear distinctions between who is and is not allowed to access the resource. B. the participation of resource users in setting the rules for use. C. the ability of users to monitor one another. D. All of these are important to the effectiveness of community-based solutions.
The exchange rate is the
a. value of money b. quantity of dollars, yen, etc., that are traded c. amount of a foreign currency that is used to buy goods made in your country d. number of units of your currency that it takes to buy one unit of a foreign currency e. number of units of a foreign currency that can be bought with one unit of your own currency