All of the following affect the demand elasticity for labor EXCEPT
A) final product income elasticity.
B) ease of substitution of labor for other inputs.
C) final product price elasticity.
D) labor costs as a portion of total cost.
Answer: A
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As more of an activity is undertaken, it is reasonable to assume that
a. the total benefits will decline. b. the marginal benefits will decline. c. the fixed costs will decline. d. the marginal benefits will increase.
What is meant by the phrase, "There is no such thing as a free lunch"?
What will be an ideal response?
Assume that a Chrysler automobile sells for $15,000 in the United States and that the exchange rate is $1 = €1.3 . For purchasing power parity to hold, the same car should sell in Germany for:
a. €15,000. b. €11,538. c. €19,500. d. €1,538. e. €15,500.
The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 What is the marginal cost of the 5th car wash each month?
A. $15 B. $4 C. $14 D. $12