The marginal product of labor
A) is measured by the slope of the production function relating capital to employment.
B) is larger when the labor supply is relatively larger.
C) is smaller when the labor supply is relatively smaller.
D) decreases as the number of workers already employed increases.
D
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Pietro is a manager at a carwash. He has hired 10 workers to wash and detail cars for him and is considering what type of payment scheme he should set up for his workers
He can pay each of his workers $9 per hour to wash and detail cars, or he can pay his workers $12 for each car a worker washes and details. (It takes 75 minutes, on average, for an employee to wash and detail a car.) If Pietro wants to maximize the number of cars his workers wash and detail in one day, which payment scheme should he use? Explain.
An appropriate government policy toward negative externalities is to
A. subsidize the activity that creates the negative externality. B. impose a tax or fine on the activity that creates the negative externality. C. pay money to the party that creates the negative externality. D. impose a tax on recipients of the negative externality.
Of the $840 billion American Recovery and Reinvestment Act stimulus package which was enacted in 2009, approximately ________ took the form of tax cuts and ________ took the form of increases in government expenditures
A) one-half; one-half B) three-fourths; one-fourth C) one-tenth; nine-tenths D) one-third; two-thirds
Firms react to negative inventory investment by increasing output.
Answer the following statement true (T) or false (F)