Phoenix is a schoolteacher. In which of the following situations is she experiencing diminishing marginal utility?
a. She loves her whiteboard, but when she receives a second one for her classroom, she finds she rarely uses it.
b. She buys extra crayons for her class using her own money because her students use up crayons so quickly.
c. She complains to the administration that she does not have enough supplies for her classroom; she has 32 students this year!
d. She realizes that it would be useless to purchase electronic tablets for the classroom unless she buys enough for the entire class.
a. She loves her whiteboard, but when she receives a second one for her classroom, she finds she rarely uses it.
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How will a government-imposed minimum wage affect the equilibrium level of employment in a competitive labor market and in a monopsony labor market?
What will be an ideal response?
The unemployment rate is calculated as follows:
A) labor force/number of unemployed. B) labor force participation rate/number of unemployed. C) number of unemployed/labor force. D) number of employed/labor force.
The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production. B. profit margin. C. mark up. D. value of the final product.
When Walmart sells toys imported from China:
A) the U.S. consumers pay in dollars while the workers who produce the toys are paid in yuan. B) the U.S. consumers pay in dollars and the workers who produce the toys are also paid in dollars. C) the U.S. consumers pay in yuan while workers who produce the toys are paid in dollars. D) the U.S. consumers pay in yuan and the workers who produce the toys are also paid in yuan.