A minimum wage law dictates
A) the minimum qualifications for labor.
B) the minimum quantity of labor that a firm must employ.
C) the highest wage that firms must pay for labor.
D) the lowest wage that firms may pay for labor.
D
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When a particular firm is fully utilizing its capital, its output is given by Y = 10 × . The cost of labor is $1 per unit. To maximize profit, how many units of labor should this firm use?
A) 25 B) 5 C) 3.16 D) 100 E) 50
An employee gains $500 from shirking. Thus, to deter shirking, the employer makes employees post a bond equal to $1,000, and installs monitoring devices to detect shirking. What is the probability that these devices can detect shirking?
A) 30% B) 100% C) 50% D) 95%
A citizen in a developing country with a currency policy of convertibility on the current account could engage in all of the following transactions except:
A. sell foreign currency resulting from the exports of manufactured t-shirts. B. sell foreign currency resulting from the sale of a U.S. treasury bond. C. purchase foreign currency in order to import a BMW. D. purchase foreign currency in order to purchase a U.S. treasury bond.
Air pollution best illustrates
A. Market power. B. An inequity. C. Government failure. D. An external cost.