If 10 workers will be hired by a firm at a wage rate of $15 per hour, but the 11th worker will be hired only if the wage rate falls to $14 per hour, then the marginal wage of the 11th worker is
A. $14 per hour.
B. -$1 per hour.
C. $154 per hour.
D. $4 per hour.
Answer: D
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If the demand and supply curves for a commodity shift to the right by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a higher quantity and price. B) a lower quantity and a higher price. C) the same quantity and a lower price. D) a higher quantity and the same price.
Currency traders expect the value of the dollar to fall. What effect will this have on the demand for dollars and the supply of dollars in the foreign exchange market?
A) Demand for dollars will decrease, and supply of dollars will decrease. B) Demand for dollars will increase, and supply of dollars will decrease. C) Demand for dollars will increase, and supply of dollars will increase. D) Demand for dollars will decrease, and supply of dollars will increase.
The monetarists
a. focus on the role of money as being the most important variable impacting aggregate demand. b. recommend a monetary rule which calls for a stable rate of growth in the money supply of approximately 3 to 5 percent annually. c. recommend government balance its budget. d. All of the above.
According to your text, nineteenth century economist Alfred Marshall believed that technical progress is best accomplished by
a. firms of considerable size that have the resources to engage in research and development b. universities where basic research is initiated c. curtailing competition so that firms will not lose money by experimenting in research and development d. the superior inventive force of a multitude of small competitive firms e. the government subsidizing research and development