Charles Murray points out that
A. despite substantial increases in the money that the federal government spent on antipoverty programs between 1968 and 1980, the poverty rate remained exactly the same.
B. although federal spending on antipoverty programs fell substantially between 1968 and 1980, the poverty rate remained exactly the same.
C. the only way to substantially reduce the welfare rolls is to enroll all the poor in job training programs that lead to well-paying jobs.
D. despite the rising number of poor people in recent years, the federal antipoverty programs have been successful.
A. despite substantial increases in the money that the federal government spent on antipoverty programs between 1968 and 1980, the poverty rate remained exactly the same.
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The costs incurred even when no output is produced are called
A) fixed costs. B) variable costs. C) external costs. D) marginal costs.
A small firm in Indonesia has the following estimated production function: ln(q) = 10 + 2.6ln(L) - 0.4(ln(L))2 Derive the firm's marginal and average product of labor as functions of q and L
What is the elasticity of output with respect to labor?
Human capital is
a. money used by an entrepreneur to build a business b. another expression for slave labor c. a concept used by sociologists but not economists d. knowledge and skills acquired through education and training e. a robot
At the competitive firm's profit-maximizing quantity of labor:
A. marginal profits are always positive. B. the value of the last worker's marginal product is greater than or equal to marginal cost of that input. C. the average product of labor is equal to the wage rate. D. the value of the last worker's marginal product is less than the marginal cost of that input.