In June 2012, the public debt in the United States was approximately
A) $5.8 billion.
B) $90 billion.
C) $1.6 billion.
D) $15.8 trillion.
E) $120 trillion.
D
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According to ________, people are often risk averse when it comes to gains and risk preferring when it comes to losses
A) prospect theory B) the reflection effect C) the certainty effect D) the framing effect
Assume that skilled labor costs twice as much as unskilled labor, a profit-maximizing firm will
a. always hire more skilled labor because it is more productive. b. always hire more unskilled labor because it is cheaper. c. hire until it equalizes the two marginal products. d. hire until the marginal product of unskilled labor is one-half that of skilled labor. e. hire until the marginal product of unskilled labor is two times that of skilled labor.
A firm produces output at a higher cost than is necessary to produce it. This statement describes:
a. economies and diseconomies of scale. b. x-inefficiency. c. the law of diminishing returns. d. the law of diminishing marginal utility.
Given the table below, if capital is fixed at one unit, diminishing returns begin with the
Amount of total output produced from various combinations of labor and capital.
A. first unit of labor. B. second unit of labor. C. third unit of labor. D. fourth unit of labor. E. none of the above