Assume the total product of three workers is 60 and the total product of four workers is 80. The four worker's average product is ________ while the fourth worker's marginal product is ________.
A. 20; 20
B. 80; 20
C. 15; 5
D. 5; 15
Answer: A
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If the wage is kept above the equilibrium level because of minimum-wage laws, then the result is unemployment; if the wage is kept above the equilibrium level for some other reason, the result need not be unemployment
a. True b. False Indicate whether the statement is true or false
Which of the following does Luddite reasoning get correct?
A. Historically, the demand for labor has actually increased as technology has advanced. B. New technology frequently causes some specialized labor skills to become obsolete. C. New technology tends to raise total output, leading to an increase in the demand for labor. D. Labor is necessary for building and maintaining machines, and so increased demand for machines increases the demand for labor.
Refer to the information below. It is clear that diminishing returns sets in after ________ workers per day.Number ofWorkers Per DayOutputPer Day0011328315424532639
A. 3 B. 4 C. 5 D. 6
If the Fed decides to use an open market operation to reduce the money supply by $1 million, and if the money multiplier is 10, then what total amount of Treasury securities must the Fed initially sell?
A. $10,000,000. B. $1,000,000. C. $100,000. D. $10,000.