An upper limit to the quantity of a good that may be produced in a specific period is called
A) production quota
B) import quota
C) price ceiling
D) price floor
A
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Human capital refers to the percentage of the working-age population in the labor force
Indicate whether the statement is true or false
The utility function captures
A) how consumers interact. B) how an individual consumer ranks consumption bundles. C) how output is produced from labor and capital inputs. D) how happy a consumer is about a given consumption bundle.
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What happens if Max receives a $100 cash grant to buy either meat or chicken?
A) Max will double his consumption of both meats. B) Max will spend it all on burger. Because of its lower price, he can buy more of it. C) Max will take advantage of the gift by buying all chicken because it is the more expensive meat. D) There is not enough information to answer the question.
XYZ Co operates in a competitive market. Its marginal product of labor is 1/L, and it takes the wage and price as given. Derive the firm's short-run demand for labor as a function of w and p. How much labor will the firm hire if w = 2 and p = 10?
What will be an ideal response?