The opportunity cost of being unemployed tends to be the highest in which of the following countries?
A) Canada B) France
C) the United Kingdom D) the United States
D
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A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit
A) depends on the grade the student earns on the exam. B) is the benefit the student receives from studying all 3 hours. C) is the benefit the student receives from studying the extra hour. D) is greater than the student's marginal cost.
Refer to Table 11-5. Suzette's Fancy Packaging subcontracts with Sunshineland Pecans to box dried fruit and nuts for Suzette's mail order business. Suzette rents space for her factory for $400 a week in a nearby strip mall
She can hire temporary workers for $200 a week. Table 11-5 above shows her output and cost data. Use the table to answer questions a-e. a. Complete the table. b. In the last week of summer Suzette closes her business to go on a family vacation. What are her costs during that week? c. In one week Suzette exactly breaks even. If her revenue for the week is $1,200, how many boxes of fruit and nuts did she produce? d. Judging from the marginal product of labor data, would you say that Suzette had to settle for increasingly unproductive workers? Explain your answer. e. Suzette has received an order for 1,500 boxes of nuts per week for the next 3 months. If she expects the trend in the marginal product of labor will continue in the same direction, what do you think she should do? Should she not commit until she can move to a larger space or should she just hire more workers? Explain your answer.
For a competitive firm, the value of the marginal product:
A. increases for each additional worker. B. remains constant across workers. C. decreases for each additional worker. D. is zero when profits are maximized.
A tourist going to Europe would be happy if the real exchange rate ($/€) increased
Indicate whether the statement is true or false