The current deregulatory movement began to change laws to deregulation in the
a. early 1970s.
b. late 1970s.
c. early 1980s.
d. early 1990s.
b
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If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
A. $50,000. B. $30,000. C. $15,000. D. $60,000.
Silvio's Pizza is a small pizzeria. The firm's production function is shown in the table above
Suppose that Silvio's costs include only the cost of renting ovens, which is $100 per oven per week, the labor cost, $280 per worker per week, and the opportunity cost of Silvio's entrepreneurship, $1,000 per week. Suppose Silvio's uses Plant 2. If Silvio hires the 4th worker, the firm will experience ________ marginal returns. A) diminishing B) increasing C) constant D) zero
The effort curve is
A) horizontal, because work effort is independent of the real wage. B) negatively sloped, because of diminishing marginal returns to labor. C) positively sloped, because of the law of increasing cost. D) S-shaped, because a small increase in the real wage will increase work effort more at an intermediate wage than at a low wage or at a high wage.
A good's Demand Curve is QD = 50 - 2P, and its Supply Curve is QS = 40 + P
a. When P = $10, what is the difference, if any, between QD and QS? b. When P = $2, what is the difference, if any, between QD and QS? c. What are the equilibrium values of P and Q?