More than one in four African-Americans lives in poverty.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost. B) Variable cost = wages + salaries + benefits. C) Total cost = fixed cost + variable cost. D) Total cost = fixed cost + implicit cost.
Internal economies of scale arise when the cost per unit
A) falls as the average firm grows larger. B) rises as the industry grows larger. C) falls as the industry grows larger. D) rises as the average firm grows larger. E) remains constant over a broad range of output.
The minimum wage laws seek to
A) penalize employers that are not complying with labor laws. B) assure a minimum standard of payment for work. C) assure that all workers are paid the same wage rate. D) help teenagers find work.
Refer to Figure 11-1. If the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would
A) never intersect the horizontal axis.
B) intersect the horizontal axis at a point between the 5th and 6th unit of labor.
C) intersect the horizontal axis at a point between the 6th and 7th unit of labor.
D) intersect the horizontal axis at a point somewhere beyond the 8th unit of labor