Who said, "It is not the employer who pays wages; he only handles the money. It is the product that pays wages."
A. Henry Ford
B. Karl Marx
C. Jackson Martindell
D. Studs Terkel
A. Henry Ford
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Answer the following statement(s) true (T) or false (F)
1. Diminishing marginal returns is basically the same concept as decreasing returns to scale.. 2. The unit isoquant represents all possible ways of producing one unit. 3. If the wage and rental rates are $10 and $50 per hour respectively and an additional worker could produce 100 units of output in an hour, then an extra unit of capital could produce 500 units of output in an hour. 4. If the marginal product of labor is currently 40 units per hour and the marginal product of capital is currently 20 units per hour, then workers must be getting paid twice as much as capital per hour. 5. If all inputs are variable in the long run, then there cannot be decreasing returns to scale. But if some inputs remain fixed in the long run, then decreasing returns to scale can occur.
According to the Bureau of Labor Statistics, a person who is self-employed is considered
A) unemployed. B) employed. C) not in the labor force. D) a discouraged worker.
Economic theory looks at social coordination as a process of
A) continuing mutual adjustments to the situations created by the actions of others. B) continuous adjustment of extremes to conform to the average. C) passing information up from below and instructions or commands down from above. D) sacrificing personal interest to the public or general interest. E) sacrificing the public interest to self-interest.
Suppose a single-parent father with four children receives these welfare benefits from the government each month: $400 in cash, $200 in food stamps, and $100 in medical benefits
If the father takes a job paying $1000 per month he will lose all these benefits and will also pay $100 in income and social security taxes. His earnings from the job are consequently being taxed at an effective marginal rate of A) 80%. B) 60%. C) 40%. D) 20%. E) 10%.