Refer to the above table. What is the marginal factor cost when the firm employs the third unit of labor?
A) $62
B) $57
C) $25
D) $21
Ans: C) $25
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In economics, the term "leisure" refers to:
A. nonwork activities that individuals enjoy doing. B. all nonwork activities. C. the vacation time on receives when working. D. those activities that individuals enjoy doing.
If the Federal Reserve Bank wants to lower the supply of money, it sells government bonds from its portfolio to the public in the nation’s bond markets.
Answer the following statement true (T) or false (F)
Gary Becker and Kevin Murphy are among the economists who believe that social factors such as culture, customs, and religion do not explain the choices consumers make.
a. true b. false
When do insurance companies encounter the problem of moral hazard?
a. When simply having insurance causes people to take more risks than they would otherwise. b. When they do not have enough information to distinguish between people who are "good risks" and those who are "bad risks." c. When the price of insurance premiums fully reflects all available information. d. When the insurance company suffers large losses because a major catastrophe has affected a large number of people simultaneously.