A profit-maximizing firm's demand function for labor can be found by differentiating:
a. the profit function with respect to w.
b. the cost function with respect to w.
c. the supply function with respect to w.
d. the production function with respect to w.
a
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An example of moral hazard is
a. people drive less carefully in icy conditions with antilock brakes than without b. people drive as safely with more airbags as without c. football players avoid 'spearing' with their heads even with safer helmets d. people read the medicine warnings as carefully when self-medicating as with a doctor's prescription
If the inflation rate is 3 percent and the nominal wage is frozen for one year, by how much will the real wage change?
a. It will decrease by about 3 percent. b. It will not change. c. It will increase by 3 percent. d. It will triple. e. We do not have enough information to determine this answer.
The market demand is the:
A. horizontal sum of all individual demand curves in a market. B. horizontal sum of all individual prices in a market. C. sum of all individual demand curves and supply curves in a market D. vertical sum of all individual demand curves.
If the multiplier = 2.5, the MPS would be:
A. 0.25. B. 0.4. C. 0.6. D. 0.75.