The above figure shows the short-run production function for Albert's Pretzels. The law of diminishing marginal productivity
A) appears with the second worker.
B) has not yet appeared for any of the levels of labor.
C) first appears with the fifth worker.
D) is refuted by this evidence.
A
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Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A) behaving in accordance with classical economic theory. B) worrying too much about a coming recession. C) suffering from money illusion. D) paying too much attention to changes in relative prices.
During what period did members of labor unions comprise the largest share of the labor force?
a. 1840-1860. b. 1875-1895. c. 1920-1940. d. 1950-1970. e. 1980-2000.
Which of the following is likely to cause a rise in the wage rate and a decrease in the number of workers hired in a garage?
A) The shutdown of a nearby garage B) A decrease in the price of the services provided by the garage C) An increase in the price of the services provided by the garage D) The opening of a new garage nearby that offers higher wages to its workers
The type of commercial policy followed by England under the navigation laws
(a) was followed throughout the 17th and 18th centuries but not by any governments today. (b) was followed throughout the 17th and 18th centuries and is still pursued, in one way or another, by all governments in the world today. (c) was followed throughout the 17th, 18th, and 19th centuries but not by most governments today. (d) was followed throughout the 17th and 18th centuries and by European governments today, but not by the United States since the founding of the nation.