Assuming that all other things are equal, including the wage, which of the following statements is correct?
a. The quantity of labor supplied for difficult jobs exceeds that for easy jobs.
b. The quantity of labor supplied for fun jobs exceeds that for dull jobs.
c. The quantity of labor supplied for dangerous jobs exceeds that for safe jobs.
d. All of the above are correct.
b
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At Revolution Doughnuts in Fort Collins, Colorado, a cup of coffee or a doughnut is $1. Suppose Hannah loves going to Revolution Doughnuts. She spends $5 a day at the shop on 3 doughnuts and 2 cups of coffee. Is Hannah maximizing her total utility?
A) No. B) Maybe, but I need to know more about Hannah's income. C) Yes. D) Maybe, but I need to know more about Hannah's marginal utility per dollar for each of the two goods.
If an airport decides to expand by building an additional passenger terminal, and in doing so it lowers its average cost per airplane landing, it was previously operating at
A) more than minimum efficient scale. B) minimum capacity. C) less than minimum efficient scale. D) minimum efficient scale.
If a production possibilities curve (PPC) has capital on the vertical axis and consumer goods on the horizontal axis, which of the following is true?
a. Greater emphasis on the production of consumer goods today leads to greater outward shifts in the PPC, thus increasing the wealth of people in the future. b. Greater emphasis on the production of capital today leads to greater outward shifts in the PPC, thus increasing the wealth of people in the future. c. There is a tradeoff between emphasizing the production of capital today to benefit people today versus emphasizing the production of consumer goods today that will generate benefits in the future. d. Greater emphasis on the production of capital today leads to future inward shifts in the PPC, thus decreasing the wealth of people in the future.
Suppose the current level of output is 5000 and the elasticity of output with respect to labor is 0.7. A 10% increase in labor would increase the current level of output to
A. 5035. B. 5350. C. 5070. D. 5700.