Tucker Corporation sells its product for $5.00. Tucker's industrial engineers have informed management that hiring one additional worker will increase output by five units per hour. Tucker should hire the additional worker only if the wage rate is:
A. $5.00 or less per hour.
B. $1.00 or more per hour.
C. $25.00 or less per hour.
D. more than $25.00 per hour.
Answer: C
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Based on the information in Scenario 1, nominal GDP in 2016 in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
The skill-biased character of technological change in recent decades has tended to cause ________
A) a decrease in the demand for college-educated labor B) a higher rate of unemployment among college-educated labor C) a lower rate of unemployment among unskilled labor D) an increase in demand for college-educated labor
The decline of the full-service wholesale houses CANNOT be traced to
a. competition from the marketing departments of large manufacturers. b. many industries adopting the "continuous process" manufacturing. c. the rise of brand identity. d. All of the above are correct. e. Only a and c are correct.
In Figure 30.2, the equilibrium wage rate is
A. $20 per hour. B. $12 per hour. C. $24 per hour. D. $16 per hour.