The marginal product of labor is the additional:
A. output produced by one more worker.
B. wage paid for an additional worker employed.
C. wage paid for an additional hour of work.
D. labor employed to produce one more unit of output.
Answer: A
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Discrimination that occurs when people's preferences cause them to discriminate against a certain group is referred to as:
A) group discrimination. B) special interest group discrimination. C) cultural discrimination. D) taste-based discrimination.
Answer the following statements true (T) or false (F)
1) All else equal, firms with a few large plants are more likely to have lower average costs than firms with many small plants. 2) A plant is located at the cost-minimizing location when the marginal benefit of moving closer to the inputs is exactly double the marginal cost of moving closer. 3) If a firm is not directly paying all of the transportation costs, managers still have an incentive to minimize the sum of the production and transportation costs. 4) If a firm has two plants, one in a desirable location and one in an undesirable location, workers located in the desirable location are likely to be paid more. 5) If a firm has two plants and workers at Plant 1 are paid $40,000 a year and workers at Plant 2 are paid $45,000, the $5,000 difference in salary is a compensating wage differential.
If Mr. Smith thinks the last dollar spent on shirts yields less satisfaction than the last dollar spent on cola, and Smith is a utility-maximizing consumer, he should:
a. decrease his spending on cola. b. decrease his spending on cola and increase his spending on shirts. c. increase his spending on shirts. d. increase his spending on cola and decrease his spending on shirts.
The "independence of irrelevant alternatives" criterion is also known as the:
A. majority options problem. B. third-party problem. C. swing-vote problem. D. misalignment problem.