A competitive employer will hire inputs up to the point where the:
A. Marginal product of the input reaches a maximum
B. Price of the input equals the price of the output
C. Price of the input equals the marginal product of the input
D. Price of the input equals the marginal revenue product of the input
D. Price of the input equals the marginal revenue product of the input
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Most economists generally argue ________ trying to block technological advances because these technological advances ________.
A. in favor of; increase wage inequality B. against; are necessary for improved standards of living C. in favor of; cause the economy to grow to rapidly D. against; promote wage equality
What are the arguments in favor of the redistribution of income?
What will be an ideal response?
You are a hotel manager considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table. ProjectBoom (50%)Recession (50%)A$40-$20B-$10$30C$50-$50D$60$60The expected value of project A is:
A. $20. B. $10. C. $5. D. None of the answers are correct.
Which of the following statements about the Social Security tax is not true?
A. It is a progressive tax. B. It came into existence in 1935. C. It is imposed on employers and employees. D. It is a payroll tax.