In the market for labor:
A. individuals make up the demand.
B. firms create the supply.
C. individuals are never paid above their productivity.
D. the price in the market is the wage.
Answer: D
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The town of Marble Falls has 10 workers, of which 8 were employed and 2 were actively seeking work. After many months of seeking work, both of the unemployed workers became discouraged and stopped looking for work six weeks ago
The unemployment rate in Marble Falls is now A) 0%. B) 11.1%. C) 20%. D) 25%.
In light of higher gas prices, Skip Miles asks himself if it's worth keeping his 10 cylinder Chevy Suburban. His concern is ultimately about
A) engineering efficiency. B) economic efficiency. C) technical efficiency. D) environmental efficiency.
A single-price monopolist will maximize profit by producing so that marginal revenue
A) exceeds marginal cost. B) is less than marginal cost. C) equals marginal cost. D) equals price.
The government significantly raised farm incomes by raising farm prices by: (i) destroying crops, (ii) slaughtering millions of baby pigs and pregnant sows, (iii) paying farmers not to grow crops and (iv) injecting dye into harvested potatoes,
making them inedible. Indicate whether the statement is true or false