Improved training of employees would:
a) Shift aggregate supply outwards at each price
b) Shift aggregate supply inwards at each price
c) Shift aggregate demand outwards at each price
d) Shift aggregate demand inwards at each price
Answer: c) Shift aggregate demand outwards at each price
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Joe is contemplating a job where, with probability 0.6, he will make $100,000 and with probability 0.4 he will make $30,000. What is Joe's expected income from taking the job?
A) $12,000 B) $60,000 C) $72,000 D) $90,000
The proposition that the price of a resource is expected to rise at a rate equal to the interest rate is called the
A) discounted present value. B) derived demand for productive resources. C) diminishing marginal revenue product. D) Hotelling Principle.
Use headlines from the recent news to illustrate the potential for conflict between self-interest and the social interest
What will be an ideal response?
Which of the following is true of marginal product?
a. The firm should produce where marginal product is greatest. b. The firm should produce where marginal product is increasing. c. When marginal product is falling, total product is falling. d. The firm should produce where marginal product is zero. e. When marginal product is increasing, total product is increasing by increasing amounts.