Refer to the above table. Suppose the price of the good sold is $10 and the marginal factor cost of labor is $700, how many units of labor will the firm hire?
A) 10
B) 11
C) 12
D) 13
D
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The largest government-run health care system in the world, with 1.7 million employees, is in
A) the United Kingdom. B) the United States. C) Japan. D) Canada.
Your textbook plots the estimated regression function produced by the probit regression of deny on P/I ratio The estimated probit regression function has a stretched "S" shape given that the coefficient on the P/I ratio is positive. Consider a probit regression function with a negative coefficient. The shape would
A) resemble an inverted "S" shape (for low values of X, the predicted probability of Y would approach 1) B) not exist since probabilities cannot be negative C) remain the "S" shape as with a positive slope coefficient D) would have to be estimated with a logit function
If the simple spending multiplier is 8, the marginal propensity to consume is _____
a. 1/8 b. 1/4 c. 4/5 d. 7/8 e. 8
The law of diminishing marginal utility explains why
a. most individual demand curves are straight lines. b. the consumer's optimal purchase is at the tangency of an indifference curve and the budget line. c. most individual demand curves slope downward. d. marginal utility falls when total utility falls.