A game in which players collectively gain is known as a
A) zero-sum game.
B) positive-sum game.
C) negative-sum game.
D) cooperative game.
B
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The above (incomplete) table provides information about the relationships between labor and various product measures. The amount of labor that maximizes the marginal product of labor is
A) 2 units of labor. B) 3 units of labor. C) 4 units of labor. D) 5 units of labor.
In 1970 the Social Security tax rate was ______ and had increased to ______ by 2012.
A. 0.84%; 0.124% B. 12.4%; 8.4% C. 8.4%; 12.4% D. 84%; 124%
Demand-pull inflation is due to:
a. minimum wage laws. b. labor cost increases. c. excess total spending. d. tax increase.
It's logical, it's a rule of thumb, it's an economic guideline: As long as MR > MC, and the firm responds by increasing the quantity it produces,
a. profit will eventually fall to zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss