The poverty threshold is often determined in terms of the expenditure on meals that meet a predetermined nutritional standard
a. True
b. False
Indicate whether the statement is true or false
True
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The additional output a firm gets from hiring an additional unit of labor is the
A. average product of labor. B. total product of labor. C. value of the marginal product of labor. D. marginal product of labor.
Which of the following statements is TRUE about the market demand curve for labor?
A. The market demand curve is the sum of the individual firm's demand curve. B. The market demand curve depends upon labor productivity, the wage rate and the price of the final product. C. The market demand curve shows the quantities of labor demanded by all firms in the industry at various marginal products. D. The market demand curve will be perfectly inelastic since firms need labor.
The objective of creating a permit trading system for SO2 (sulfur dioxide) is to
A) employ environmental protection agency (EPA) workers. B) create a market in which one did not previously exist. C) make annual company tax reporting more difficult. D) increase the incidence of acid rain.
The Reliable Auto Repair Shop has total revenue of $5,000. It has total fixed costs of $700 and total variable costs of $2,500. The Reliable Auto Repair Shop's profit is
A. -$3,200. B. $1,800. C. $2,500. D. $4,300.