The theory that suggests that our unlimited wants will lead to perpetual economic growth is the
A) classical growth theory.
B) old growth theory.
C) sustained growth theory.
D) Malthusian growth theory.
E) new growth theory.
E
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The unemployment of some groups, such as low-skill workers, may increase as a result of the imposition of a minimum wage.
Answer the following statement true (T) or false (F)
Refer to the above table. The marginal factor cost of labor is $200. To get the firm to hire 8 workers, the
A) firm must be able to reduce wages below the marginal factor cost. B) price of the good must be $8. C) eighth worker must be at least as productive as the seventh worker was. D) wage rate must be a fraction of the marginal factor cost of labor.
The socially optimal level of output of a good with an externality occurs when
a. the marginal private costs of production are equal to marginal private revenues b. the firm maximizes its profits c. the consumer maximizes his or her utility d. the marginal social cost of production equals the marginal social benefit of the good e. the firm is making a normal profit
If food is on the vertical axis and shelter on the horizontal axis, the slope of the budget line is given by
A. -Ps/Pf. B. -Pf/Ps. C. Pf/Ps. D. Ps/Pf.