The "superstar" phenomenon can apply to which of these jobs?
a. high-school teacher
b. author
c. heart surgeon
d. carpenter
b
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Today's U.S. dollar bills are "backed" by
A) nothing. B) Warren Buffet. C) barrels of oil. D) precious metals. E) U.S. Treasury Bonds.
When Maxwell Fruit Drinks increases the number of workers it employs from 20 to 25, its total labor costs rise from $10,000 to $15,000 a week. We know then that
a. Maxwell should never have hired the last five workers b. Maxwell should continue hiring workers c. diminishing returns have set in d. the marginal revenue product curve is decreasing e. the marginal labor cost is $1,000
Refer to the above figure. The equilibrium level of real GDP occurs
A. to the right of point A. B. at point A. C. to the left of point A. D. at the undetermined point on the graph depending upon the level of investment.
The lowest rate of output per unit of time at which long-run average costs for a particular firm are at a minimum is
A. economies of scale. B. diseconomies of scale. C. minimum efficient scale. D. constant returns of scale.