The extra production gained by employing one more worker is called the:
A. opportunity cost of labor.
B. marginal product of labor.
C. real wage of labor.
D. price of labor.
Answer: A
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What is the effect on the equilibrium price and equilibrium quantity of theater tickets if the price of an orchestra ticket increases and the wage rate paid to actors decreases? The equilibrium price of a theater ticket _____ and the equilibrium quantity _____.
A. always falls ; increases B. always falls; decreases C. rises, falls, or remains the same; decreases D. does not change; does not change E. rises, falls, or remains the same; increases
A bank's net worth is:
a. equal to assets plus liabilities b. sometimes called the owners' equity. c. equal to assets minus reserves. d. the same thing as net profits. e. the amount of interest charged by the bank for short-term loans.
If there are both external benefits and external costs associated with the production and consumption of a good, and the external benefits are less than the external costs,
a. Taxing it could bring us closer to the efficient solution b. Subsidizing it could bring us closer to the efficient solution c. Neither a tax or a subsidy could bring us closer to the efficient solution d. None of the above is true.
Dumping occurs when a firm sells goods abroad at a price below their cost and below the price charged in their domestic market
Indicate whether the statement is true or false