A supply schedule is a table that shows the relationship between
a. price and quantity supplied.
b. input costs and quantity supplied.
c. quantity demanded and quantity supplied.
d. profit and quantity supplied.
a
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a profit-maximizing firm will
a. reduce the labor used and increase the machinery used if labor costs half as much as machinery. b. reduce the labor used and increase the machinery used if labor and machinery cost the same amount. c. reduce the labor used and increase the machinery used only if labor costs more than twice as much as machinery. d. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery.
Peter was recently hired as a salesman for a national consulting firm. His job involves spending a significant portion of his time out of the office visiting prospects and attending conferences. His firm is paying him a wage that is higher than the equilibrium wage, but he receives much of his income in quarterly bonuses based on how much he sells
a. The consulting firm is trying to prevent adverse selection with its compensation strategy. b. Peter has an incentive to go golfing with his buddies rather than conducting sales meetings. c. The consulting firm is responding to the moral hazard problem with its compensation strategy. d. Peter should quit this job and take a job where he gets paid an equilibrium wage more frequently.
Piece rates typically
A. are associated with the worker incurring less risk concerning one's income. B. are more common among lower paying jobs. C. do not reward skill. D. are more common than time rates. E. encourage greater effort from workers.