Refer to the information provided in Table 6.3 below to answer the question(s) that follow.
Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. Diminishing marginal utility sets in after the ________ dozen oysters per day.
A. first
B. second
C. third
D. fourth
Answer: A
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If firms and workers could predict the future price level exactly, the short-run aggregate supply curve would be
A) downward sloping. B) horizontal. C) upward sloping. D) vertical.
Based on Table 9.3, the capital account balance is equal to
A) +25. B) -25. C) -125. D) +125. E) -225.
Safety Training One task of Mega Manufacturing's Human Resource Department is to perform periodic safety training at Mega's various plants. HR is run as a profit center with each plant manager paying for this safety training via a transfer price
Recently, some of the plant managers have been hiring outside firms for their safety training. HR has complained to corporate that they will have to lay off staff if this continues but the plant managers reply that they are maintaining their acceptable safety record at a lower cost. What does this imply about the transfer price?
Which of the following would cause a firm’s demand curve for labor to shift?
A. The price of a firm’s output changes. B. The wage rate changes. C. The number of available workers changes. D. The wages paid by rival firms change.