When a firm hires a worker for one hour, the marginal benefit to that firm equals the:
A. dollar value of the goods produced by that worker in one hour.
B. hourly wage of that worker.
C. number of items the worker produces in that hour.
D. price of each item that the worker produces in that hour.
Answer: A
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Why is it necessary for all economic systems to not only provide people with goods and services, but also restrict them from getting as much of these goods and services as they wish?
A) Failure to do this could lead to drastic shortages of goods and services. B) Failure to do this could reduce the efficiency of the system by producing some goods and services that are not as highly valued as others. C) Failure to do this could reduce efficiency and lead to an inequitable allocation of output. D) Failure to do this could lead to an inequitable allocation of goods and services produced.
According to an EPA task force that examined risk assessment,
a. expert risk rankings are in line with those of the general public b. only expert risk rankings are relevant c. the federal government’s environmental priorities are consistent with expert risk ranking d. none of the above
How would you describe an economy that uses its resources to make the greatest possible number of goods and services?
a) efficient b) using opportunity costs well c) globally aware d) underutilized
The elements of the stimulus package adopted in 2009 that allowed states to pay $25 per week more than they had being paying in unemployment compensation should be considered
A. monetary policy. B. non-discretionary fiscal policy. C. discretionary fiscal policy. D. neither discretionary nor non-discretionary fiscal policy programs.