The following table provides information about production at the XYZ-TV Company.Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000How many workers will XYZ-TV Company hire if the going wage for TV production workers is $28,000?
A. 1
B. 2
C. 3
D. 4
Answer: D
You might also like to view...
Economist John Maynard Keynes noted one of the main contributors to the Great Depression in the 1930s was:
A. insufficient spending causing below natural rate output. B. an insufficient agriculture sector, unable to produce enough food for the large US population. C. poor infrastructure for manufacturing. D. a labor market that could not meet the demands of the market at the time.
If a firm refuses to hire any minorities due to a personal prejudice, its profits
a. will increase markedly. b. will not be affected. c. will increase slightly. d. will decrease.
If one looks at U.S. Census data and finds that the average white salary is $39,000 while the average black salary is $36,000, which of the following is not likely to be a significant cause of this difference given U.S. labor market demographics?
A. Whites are more likely than blacks to own their own business. B. Whites are more inclined than blacks to work part-time. C. Whites are more likely than blacks to hold positions in upper management. D. Blacks have less education than whites. E. Discrimination exists in the labor market.
Suppose the government decided to tighten monetary policy and decrease government expenditures. In the short run in the Keynesian model, the effect of these policies would be to ________ the real interest rate and ________ the level of output.
A. lower; have an ambiguous effect on B. raise; decrease C. lower; decrease D. have an ambiguous effect on; decrease