Which of the following is true along the demand curve for labor?
a. The marginal cost of labor is constant.
b. The wage rate is constant.
c. The total cost of production is constant.
d. The quantity of labor demanded is constant.
e. The prices of all other inputs are constant.
E
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Refer to Scenario 5.5. Jalopy Automotive's executives,
A) if risk-neutral, would fix the flaw because it enables them to have a sure outcome. B) if risk-neutral, would fix the flaw because the cost of fixing the flaw is less than the expected cost of not fixing it. C) if risk-loving, would fix the flaw because it enables them to have a sure outcome. D) if risk-averse, would not fix the flaw because the cost of fixing the flaw is more than the expected cost of not fixing it. E) would fix the flaw regardless of their risk preference, because of the large probability of high-cost outcomes.
Why are state and local governments negatively affected by a rise in immigration?
a. Increased expenditures on education and welfare b. Additional requirements to comply with employment laws c. Increased administration costs from federal government d. Decreased influx of income and sales taxes
When people smoke cigarettes, their friends and family members may become sick. This affects GDP by
a. reducing GDP by the amount of medical care needed. b. reducing GDP by the cost of the cigarettes purchased. c. increasing GDP by the cost of the medical care and the cost of the cigarettes purchased. d. decreasing GDP by the cost of the medical care and increasing GDP by the cost of the cigarettes purchased.
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting
business. Julia's implicit costs are a. 0. b. $10,000. c. $15,000. d. $25,000.