The MRP curve for labor:
A. is downsloping and shows the relationship between wage rates and the quantity of labor
demanded.
B. is perfectly elastic if the firm is selling its output competitively.
C. is upsloping and lies above the labor supply curve.
D. will shift location when the wage rate changes.
Answer: A
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Steve sells hotdogs from a vending cart downtown. The table above shows his total revenue per day at four different prices. Between which two prices is the demand for hotdogs
a) elastic? b) unit elastic? c) inelastic?
The amount of output lost when the inflation rate is reduced by one percentage point is called
A) Okun's law. B) the sacrifice ratio. C) the Solow residual. D) Planck's constant.
Suppose a consumer has an income of $800 per month and that she spends her entire income each month on beer and bratwurst. The price of a pint of beer is $5, and the price of a bratwurst is $4 . Which of the following combinations of beers and bratwursts represents a point that would lie to the exterior of the consumer's budget constraint?
a. 160 beers and 200 bratwursts b. 40 beers and 50 bratwursts c. 80 beers and 100 bratwursts d. 160 beers and 0 bratwursts
The costs that we avoid by not eliminating pollution while being able to enjoy the goods that create the pollution are the social benefits of pollution.
Answer the following statement true (T) or false (F)