Suppose that an accounting firm with 10 employees hires another accountant. By doing so, it goes from serving 30 customers each week to serving 32 customers each week. What is the marginal product of labor for the new accountant?
A. 2
B. 10
C. 32
D. 62
Answer: A
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Positive analysis can be described as
A. a value-free approach to inquiry. B. a study that is not tested empirically. C. the study of whether people respond to negative incentives. D. the study of whether people respond to positive incentives.
Refer to Exhibit 2-9. For Adam, the opportunity cost of producing one unit of good B is ____________ unit(s) of good A
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When a person gets an increase in current income, what is likely to happen to consumption and saving?
A. Consumption increases and saving increases. B. Consumption increases and saving decreases. C. Consumption decreases and saving decreases. D. Consumption decreases and saving increases.
An unexpected decrease in wealth or nonlabor income leads to
A. a zero effect on labor supply. B. an uncertain effect on labor supply. C. an increase in labor supply. D. a decrease in labor supply.