All factors of production usually experience:
A. diminishing total productivity.
B. diminishing marginal productivity.
C. decreasing average variable cost.
D. decreasing average fixed costs.
Answer: B
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Dahlia can earn $60,000 a year working at a relatively safe job, or $65,000 a year working at a riskier job
The probability of death from working at the relatively safe job is 1/5,000, and the probability of death from working at the riskier job is 1/1,000. Using the compensating differential approach and the above information, what is the value of Dahlia's life? A) $2 million B) $2.5 million C) $6.25 million D) $25 million
Price discrimination is possible, in part, because
A) costs of production vary as output increases. B) monopolies are regulated. C) monopolies don't profit maximize. D) the willingness to pay can vary among groups of buyers. E) monopolies face horizontal demand curves.
Labor's share of national income is equal to ________
A) 1 - b B) WN/PY C) (W/P)/(Y/N) D) All of the above
An increase in human capital will decrease output.
Answer the following statement true (T) or false (F)