Refer to the table below. With diminishing marginal returns, if the firm hires seven units of labor, which of the following numbers would most probably be the total product?
Assume that the only variable resource used to produce output is labor.
A. 40
B. 39
C. 38
D. 37
D. 37
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Supply-siders are generally critical of government intervention and regulation, since they believe regulations can be costly impediments to economic growth
a. True b. False Indicate whether the statement is true or false
A free rider is one who enjoys the benefits of a public good without paying for it.
Answer the following statement true (T) or false (F)
Suppose that a male police officer earns more than a female administrative assistant, but they both have the same amount of education. The difference in wages:
A. can be attributable to the increased danger of being a police officer. B. must be due to discrimination against women among police departments. C. will disappear once the labor market has reached equilibrium. D. is a violation of anti-discrimination laws.
Bonnie is a self employed. She makes floral arrangements in a building she rents. She owns the delivery vehicle and has hired a delivery driver. She is an example of
A) entrepreneurial ability. B) labor. C) physical capital. D) human capital.