Unit labor cost is equal to the
A. Wage rate divided by MPP.
B. Wage rate.
C. The change in labor cost divided by the change in output.
D. Marginal cost.
Answer: A
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Which of the following statements concerning the supply of labor is true?
a. The supply of labor is determined by the prevailing wage rate. b. The labor supply curve is downward sloping. c. The wage rate has no effect on the supply of labor. d. None of these.
Which statement is consistent with what Keynes believed about consumption and disposable income?
A) Consumption depends upon disposable income and falls as disposable income rises. B) Consumption rises by the same amount as disposable income rises. C) Consumption rises by less than disposable income rises. D) Disposable income depends upon consumption.
A firm is producing 100 racing bicycles at a total cost of $84,000. The firm's fixed cost is $24,000. What is the average variable cost?
a. $840 b. $640 c. $600 d. $240
If two investments are perfectly negatively correlated:
A. diversification is not effective at reducing risk. B. bets are perfectly hedged and risks are canceled out. C. diversification reduces risk without changing the expected payoff. D. diversification reduces both risk and the expected payoff.