Refer to Table 5.1. What is Hector's opportunity cost of producing one bracelet?
A) 1/5 of a tiara
B) 1.5 tiaras
C) 5 tiaras
D) 6 tiaras
A
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The curvature of the production function shows that as employment increases, the productivity of labor
A) remains positive and increases. B) remains positive but decreases. C) decreases and becomes negative. D) remains constant.
If the marginal product of labor exceeds that cost of hiring an additional worker, the firm should ________
A) fire some workers B) raise the wage rate C) add more workers D) lower the wage rate
Part of the administrative burden of a tax is
a. the money people pay to the government in taxes. b. reducing the size of the market because of the tax. c. the hassle of filling out tax forms that is imposed on taxpayers who comply with the tax. d. the cost of administering programs that use tax revenue.
The rules-based monetary policy that some nonactivists have proposed to maintain price stability reads this way:
A) The annual growth rate in the money supply will equal the average annual growth rate in Real GDP minus the growth rate in velocity. B) The annual growth rate in the money supply will equal the average annual growth rate in Real GDP plus the growth rate in velocity. C) The annual growth rate in the money supply will equal the average annual growth rate in Real GDP divided by the growth rate in velocity. D) The annual growth rate in the money supply will equal the average annual growth rate in Real GDP times the growth rate in velocity.