Which of the following is FALSE regarding the general rule for hiring?
A) Virtually every optimizing rule in economics involves comparing marginal benefits with marginal cost.
B) The benefit from added workers is extra output and consequently more revenues.
C) The firm hires workers up to the point at which the additional cost associated with hiring the last worker is equal to the additional revenue generated by that worker.
D) If any firm hired fewer workers over time, profits would definitely increase at that firm.
D
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Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 2,000 units to 1,700 units. The tax decreases consumer surplus by $3,000 and decreases producer surplus by $4,400 . The deadweight loss of the tax is
a. $200. b. $400. c. $600. d. $1,200.
Which of the following statements about the World Trade Organization (WTO) is FALSE?
A. The WTO is a development of the General Agreement on Tariffs and Trade (GATT). B. The WTO makes an effort to ensure that trade flows smoothly and predictably. C. The WTO has worked to increase tariff rates in an effort to protect infant industries in developing countries. D. The WTO is the main world organization governing rules of international trade.
Describe what is meant by the Cartesian coordinate system
What will be an ideal response?
The current chair of the Board of Governors of the Federal Reserve System is
A) Janet Yellen. B) Alan Greenspan. C) Ben Bernanke. D) Paul Volcker.