If the wage is fixed at $8 per hour, the total labor cost of employing four workers for 8 hours is
a. $8
b. $32
c. $64
d. $256
e. $2,048
D
You might also like to view...
Ways to "game" the budgeting process include
a. delaying sales if just short of a target b. accelerating expenses if just short of a target c. delaying sales once a target is met d. delaying expenses costs once a target is met
Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1 . If market demand is given by QD = 1050 ? 50P, how much will the individual firm produce?
a. 3 b. 4 c. 5 d. 6
If Gloria is woman in a developing country, then it is likely that
a. she is less educated than most men in her country b. her brother has dropped out of high school, but not she has graduated c. she has more employment opportunities and earns higher wages than her male classmates d. she and other women will not have to work long hours in agriculture e. she has special access to resources such as land, capital, and technology
Assume that health insurance pays three-fourths of the cost of health care. Under this type of system, there will be allocative:
A. Efficiency because consumers pay a price below market equilibrium and receive a quantity at which the marginal cost to society equals the marginal benefit B. Efficiency because consumers pay a price below market equilibrium and receive a quantity at which the marginal benefit to society exceeds the marginal cost C. Inefficiency because consumers pay a price below market equilibrium and receive a quantity at which the marginal cost to society exceeds the marginal benefit D. Inefficiency because consumers pay a price above market equilibrium and receive a quantity at which the marginal benefit to society exceeds the marginal cost