Suppose that air traffic controllers, whose wages have been locked into place by a two-year contract, are laid off during a recession. This example is consistent with the
A. efficiency wage explanation of unemployment.
B. explicit contract explanation of unemployment.
C. relative-wage explanation of unemployment.
D. social contract explanation of unemployment.
Answer: B
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In the above table, the marginal product of the 7th worker is 6. What is the total product when 7 workers are employed?
A) 68 B) 70 C) 72 D) 76
The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that
A) marginal costs are increasing, but average variable costs are still decreasing. B) both marginal and average costs are decreasing. C) both marginal and average costs are increasing. D) hiring one more employee per hour will lead to fewer books being sold.
One of the disadvantages of an organization which has a matrix structure is that :
a. each individual reports to one boss, causing excess flow of information to one individual. b. flow of information is difficult when operations are so highly diversified. c. each individual has two bosses whose interests may not be aligned. d. there are limits to the information a firm's headquarters can use effectively in making decisions.
Since the definition of economic growth does not take into account the growth of the country's population, the income of the average person in a country with high real GDP growth could be declining through time
a. True b. False Indicate whether the statement is true or false