Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit. When the firm uses 6 units of labor, what is marginal cost?
A. $0.25
B. $7.06
C. $10.25
D. $5
E. $6.67
Answer: D
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In which of the following countries do elective medical procedures generally receive lower priority, often resulting in longer waiting times than are common under more privately-funded systems?
A) Japan and the United States B) Japan and Canada C) Canada and the United Kingdom D) the United Kingdom and the United States
Economies of scale lead to declining long-run average cost curves.
Answer the following statement true (T) or false (F)
Dane consumes both hamburgers and pizza. Suppose the formula for his indifference curves is H = U - 2 P, where H stands for the number of hamburgers, P stands for the number of pizzas, and U represents utility. Which of the following statements is true?
A. Dane prefers a consumption bundle with 5 hamburgers and 4 pizzas to a consumption bundle with 10 hamburgers and 2 pizzas. B. Dane prefers a consumption bundle with 8 hamburgers and 3 pizza to a consumption bundle with 14 hamburgers and 1 pizzas. C. Dane is indifferent between a consumption bundle with 10 hamburgers and 2 pizzas and a consumption bundle with 8 hamburgers and 3 pizzas. D. Dane is indifferent between a consumption bundle with 5 hamburgers and 4 pizzas and a consumption bundle with 8 hamburgers and 3 pizzas.
A free-trade area is:
a. a group of countries that agrees there will be "no rules" about trade—anything goes. b. a group of countries that agrees to eliminate customs fees and containerized shipping charges on goods traded among them. c. a group of countries that agrees to eliminate barriers to trade between themselves while keeping tariffs in place against the rest of the world. d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations