Why is a family hiring a lawn-care service part of the product market?
a. The mowing firm is presumably owned by a household that purchases products.
b. The lawn care firm must purchase products in order to complete the job.
c. The mowing firm is providing a product to a household in the form of a service.
d. The lawn care firm is providing capital to households by paying its workers’ wages.
a. The mowing firm is presumably owned by a household that purchases products.
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Endogenous growth theory attempts to
A) replace the Solow model with a model in which money growth plays a key role. B) explain how societies can more easily reach the "Golden Rule." C) show how population growth reduces capital and output. D) explain why productivity changes.
Accounting profit is equal to?
A. Total revenue minus the explicit cost of producing goods and services. B. Total revenue minus the opportunity cost of producing goods and service. C. Average revenue minus the average cost of products the last unit of a good or service. D. Marginal revenue minus marginal cost. E. Total revenue minus depreciation.
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.What is the marginal product of labor?
A. 8 units of output per worker B. $16 per worker C. $8 per worker D. 16 units of output per worker E. none of the above
NPR ("Certain Green Industries Have Job Openings", November 12, 2008 ) reported on a story about wind turbine manufacturers in Ohio having trouble finding skilled workers
The report noted that as a result tens of thousands of people having been laid off, there is "a huge pool of job-seekers." The firms claim to "offer good pay and benefits." A representative from the United Steelworkers claims that their union members have easily transferrable skills, but the pay is too low, around $30,000 annually. A manager at Apollo Alliance says that workers in the new industry need different skills than those in the old steel industry. The type of unemployment described in the story is ________ unemployment.
A) cyclical
B) structural
C) frictional
D) efficiency wage