A compensating wage differential is a wage difference attributable to the difference in the marginal productivity of workers
a. True
b. False
Indicate whether the statement is true or false
False
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956The average product generated with 5 units of the input is
A. 50. B. 8. C. 5. D. 10.
Victor currently produces nuts and bolts at point a in the figure. Victor's marginal cost of producing an additional nut is ________
A) 1 bolt per nut B) 1/2 bolt per nut C) 8/6 bolts per nut D) 8 bolts per nut
Graphically, an increase in the number of vegetarians will cause the demand curve for Tofu (a meat substitute) to
A. become flatter. B. shift rightward. C. shift leftward. D. become steeper.
Special taxes levied on earnings for Social Security and Medicare are called:
A. a withholding tax on wages. B. a social insurance tax. C. an unfair tax on low-income families. D. an exception tax for corporations.