If a firm buys its labor in a competitive market, then a short-run increase in the price of the firm's output will cause the firm to
A) offer a higher wage.
B) hire fewer workers.
C) hire more workers.
D) offer a lower wage.
C
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, his average tax rate would be
A) 22.99%. B) 23.75%. C) 32.5%. D) 38%.
A company does not need to know the price of each resource it employs if it wants to determine whether or not it is achieving
A) technological efficiency. B) economic efficiency. C) accounting efficiency. D) managerial efficiency.
Adjustment costs include:
a. dealing with child labor issues. b. human rights. c. getting used to foreign products. d. short-term unemployment.
Exhibit 6A-2 Consumer Equilibrium
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Given the budget lines and indifference curves shown in Exhibit 6A-2, point D yields:
A. the same total utility as point A, but requires a larger budget. B. the same total utility as point A, and point E for the same budget. C. more total utility than point A, but requires a larger budget. D. the same total utility as point B, but requires a smaller budget.