Government regulations that increase the cost to the employer of hiring workers will:
A. increase the supply of labor.
B. increase the demand for labor.
C. decrease the supply of labor.
D. decrease the demand for labor.
Answer: D
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What will the value of $18,000 be in 10 years if the current interest rate is 12%?
A) $5,795.52 B) $39,600.00 C) $40,579.20 D) $55,905.27
If a good has an income elasticity of demand greater than one, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
Which of the following is true of the production function? a. The production function of a normal good has a constant slope. b. The production function of a luxury good is a horizontal line. c. Generally, a production function has a negative slope
d. Generally, a production function has a variable slope.
Which of the following correctly describes the profit-maximizing level of output selected by a monopolistically competitive firm in the short run?
a. Output is set in the short run where marginal cost equals price. b. Output is set in the short run where marginal cost equals marginal revenue. c. Firms will shut down in the short run even if price exceeds average variable cost at the rate of output selected by the firm. d. Firms will shut down in the short run even if price equals marginal cost.