Suppose the marginal product is maximized when the 10th worker is hired. Then the marginal cost value is minimized when
A. 10 workers are hired.
B. more than 10 workers are hired.
C. fewer than 10 workers are hired.
D. an unknown number of workers are hired. Marginal cost is independent of marginal product.
Answer: A
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Autonomous consumption is the level of consumption that is
A) consistent with the average standard of living. B) observed at the poverty line. C) independent of real income. D) available to someone earning the minimum wage.
Factory A can reduce emissions at a cost of $400 per ton. Factory B can reduce emissions at a cost of $100 per ton. In a system in which the government issues transferable pollution right at a price of $200 per ton:
a. Factory A can profit from selling its pollution rights to Factory B. b. Neither firm can profit from selling its pollution rights to the other. c. Factory B can profit from selling its pollution rights to Factory A. d. Both firms have an incentive to sell pollution rights.
If the Fed wants to move the economy up and to the left along the Phillips curve, what must it do?
a. Increase the rate at which the aggregate supply curve shifts upward b. Decrease the rate at which the aggregate demand curve shifts rightward c. Increase the rate at which the aggregate demand curve shifts rightward d. Increase the rate at which the aggregate demand curve shifts leftward e. Decrease the rate at which the aggregate supply curve shifts upward
Which of the following demographic groups in the U.S. has the highest unemployment rates?
A. college graduates B. white working-age people C. African-American teenage males D. all working-age people with a high school diploma but no college