Increases in the marginal product of labor can be attributed to:
A) specialization of workers.
B) depreciation of capital.
C) diminishing returns to workers.
D) congestion and thus better use of work space.
A
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Which of the following is not a significant source of revenue for the U.S. federal government?
A. Personal income taxes B. Corporate income taxes C. Payroll taxes D. Property taxes
Very Technical is a firm that sells computing equipment. It costs Very Technical $50 for each order of computer monitors and the variable cost of placing an order is $2 per monitor. Very Technical pays an annual holding cost of $6 per monitor. If Very Technical sells 1,000 computer monitors a year and they order 25 monitors, what is the total annual cost of the monitors?
A) $7,250 B) $4,075 C) $3,150 D) $5,025
If the price in U.S. dollars for one Singapore dollar is 0.625 U.S. dollars, then the price in Singapore dollars for one U.S. dollar is:
a. 1.0 Singapore dollars. b. 0.625 Singapore dollars. c. 1.6 Singapore dollars. d. 0.375 Singapore dollars. e. 2.66 Singapore dollars.
Between 1988 and 1989, the price of retail space in Ginza, Tokyo's premier commercial and entertainment center, rose from $400 to $625 per square foot. This was the result of an increase in demand in the face of a perfectly inelastic supply curve for retail space. Economists call this
a. monopoly profit. b. economic rent. c. usury. d. marginal revenue product.