Suppose 30 employees per day can produce 50 units of output. Assuming the law of diminishing marginal returns is present, to produce 100 units of output would require:
A. a total of 60 or fewer employees per day.
B. fewer than 30 additional employees per day.
C. more than 30 additional employees per day.
D. an additional 30 employees per day.
Answer: C
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Part-time workers are considered both a part of the labor force and employed
Indicate whether the statement is true or false
Which of the following could be considered to be a secondary effect caused by making drugs such as cocaine illegal?
a. The higher prices that result from making them illegal results in more property theft by users to afford the drugs. b. The usage of police and law enforcement resources to enforce drug laws leads to lower enforcement (and thus a higher amount) of other crimes. c. Without the ability to use the legal system to enforce contracts, violence often results when one party to a drug deal does not live up to their end of the bargain, thus the amount of violence increases by making drugs illegal. d. All of the above would be considered secondary effects of making drugs illegal.
A laissez-faire economy is one in which individual people and firms pursue their own self-interest without any central direction or regulation.
Answer the following statement true (T) or false (F)
Tariffs imposed upon Japanese passenger vehicle imports into the U.S. tend to
A. harm Japanese consumers and help U.S. automakers. B. harm U.S. consumers and help U.S. automakers. C. harm U.S. consumers and help Japanese automakers. D. help U.S. consumers and harm U.S. automakers.