The demand curve for labor is the
A) marginal factor cost curve for labor.
B) marginal physical product curve for labor.
C) marginal physical product curve for labor times the wage rate.
D) marginal revenue product curve for labor.
Answer: D
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Sophia is an architect and she is trying to decide whether to hire Jacob, a draftsman, to assist with her work. Sophia could hire Jacob at $20 per hour but it would take him three times as long to complete a task as it takes Sophia. Sophia is able to earn $90 per hour and has more architectural jobs than she is able to handle. Which of the following is true?
a. Sophia should not hire Jacob because it would be faster for her to do the work herself. b. Sophia should do the drafting work herself because she has the lower opportunity cost. c. Jacob should be hired at the $20 per hour wage rate. d. Jacob should be hired, but only if he is paid more than $30 per hour.
Which of the following scenarios illustrates the theory of rational expectations? a. Kyle decides to buy a plot of land near the new industrial hub of his city
b. Sheila decides to take up a job in a shoe store rather than studying further. c. Dean decides to look for new jobs when the economy is in recession. d. Kevin determines that the average miles per gallon on his last three car trips is 37.
How are government revenues changed by the introduction of tariffs on imported shoes as shown in Exhibit 1?
a. loss of areas c, d, e, and f
b. loss of areas d and e
c. gain of area c
d. gain of area e
If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, the opportunity cost of producing 100 bicycles is _______ tractor(s).
A) 1 B) 4 C) 25 D) 100