Which of the following is correct?
a. Any event that changes the supply or demand for labor must change the value of the marginal product.
b. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor.
c. An increase in the supply of labor increases both employment and wages.
d. A decrease in the demand for labor decreases wages but increases employment.
a
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is Natalia's opportunity cost of knitting a sweater?
A. 1/2 of a scarf B. 1/3 of a scarf C. 2 scarves D. 3 scarves
In the United States, the poorest 20 percent of households earn roughly ________ percent of total income
A) 20 B) 0.5 C) 15 D) 3 E) 10
According to the concept of framing, when a customer calls a hotel regarding a reservation the hotel reservationists generally state room rates as the _____
a. lowest they charge during peak demand periods b. average they charge during peak demand periods c. highest they charge during peak demand periods and then discount those rates d. lowest they charge during off-peak demand periods e. highest they charge during off-peak demand periods and then discount those rates
GDP per capita
A. Indicates the most efficient use of resources. B. Is real GDP corrected for price level changes. C. Is equal to a nation's GDP divided by its population. D. Does not permit comparisons of the economic welfare of different nations.