Since the marginal product of labor can increase initially as I hire more workers, demand for labor is also upward sloping for the initial workers I hire.
Answer the following statement true (T) or false (F)
False
Rationale: (Short run) labor demand is only a portion of the diminishing part of the marginal product of labor curve.
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In a small Asian country, it is estimated that a $10,000 increase in capital per hour worked will increase real GDP per hour worked by $600. Based on this information, what is the slope of the per-worker production function in this range?
A) 0.06 B) 6.6 C) 66.6 D) 666
Early adopters are consumers who will pay a high price to be among the first to own new products
Indicate whether the statement is true or false
Why did some of the formerly Communist countries of Eastern Europe have inflation rates over 100%, while others didn't? Which factor was more important in explaining the differing inflation rates, real money demand or nominal money supply? Why did
the countries with high inflation rates allow inflation to get so high?
Suppose that the ratio of retirees to working citizens is currently 1 to 5, meaning that there are 5 working people for every retiree. Suppose that in thirty years the ratio will change to 1 to 2. If benefits remain the same, what will happen to the tax rate assuming retirees are provided benefits in a pay-as-you-go system? How much would benefits decrease if the tax rate remained the same?
What will be an ideal response?