Raising the welfare of the worst-off person in society is an important goal of which political philosophy?
a. utilitarianism
b. liberalism
c. libertarianism
d. secularism
b
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Exceptions to the prohibition against cartels exist for which of the following?
a. ocean shipping rates b. various agricultural products such as milk and oranges c. transoceanic airline routes d. cardboard box manufacturers e. a through c f. a through d
Fractional reserve banking began as a result of the search for additional profits
a. True b. False Indicate whether the statement is true or false
If the number of available workers of a particular type increases, which of the following shifts should occur in the labor market for the particular type of labor?
A. Supply of labor should shift to the left. B. Supply of labor should shift to the right. C. Demand for labor should shift to the left. D. Demand for labor should shift to the right.
Figure 17.1 depicts a firm's marginal revenue product curve. If the product price is $4, what is the marginal product of the 40th hour of labor?
A. 4 units B. 3.5 units C. 3 units D. 2.5 units