The efficiency-wage theory of worker turnover suggests that firms with higher turnover will have
a. higher production costs and higher profits.
b. higher production costs and lower profits.
c. lower production costs and higher profits.
d. lower production costs and lower profits.
b
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Suppose that Abdul opens a coffee shop. He receives a loan from a bank for $100,000 . He withdraws $50,000 from his personal savings account. The interest rate on the loan is 8%, and the interest rate on his savings account is 2%. Abdul's annual explicit cost of capital is
a. $8,000. b. $4,000. c. $2,000. d. $1,000.
Use the following graph of the market for milk to answer the question below.
If 30 million gallons of milk are being produced, then we know
A. too much milk is being produced. B. too little milk is being produced. C. marginal benefit is $1.00. D. marginal benefit is greater than marginal cost.
Thomas Robert Malthus believed
A. that population growth was good for the world. B. that food supplies would always be more than sufficient to feed the world's population. C. that population growth would eventually lead to an increase in the quality of life for everyone. D. that the world's population would eventually exceed the amount food supplies can support.
The larger the U.S. imposed per unit import tariff on a good imported and produced in the United States,
A) the smaller the U.S. consumer surplus. B) the larger the U.S. producer surplus. C) the larger the government revenue. D) All of the above.