Refer to Table 8.1. The maximum profit available to the firm is
A) $20.
B) $30.
C) $35.
D) $155.
E) $180.
C
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Using the table above, for which of the following levels of employment does the marginal product of labor exceed the average product of labor at Decent Donuts?
A) four workers B) seven workers C) both of the above D) neither of the above
Alchemy was the attempt to discover a process by which base metals, such as lead, could be turned into gold. If an alchemist had been successful,
A) all the lead in the world would have been added to the world's gold supply. B) all the lead in the world would have replaced the world's gold supply. C) all the lead in the world would only have been added to the world's gold supply when it was converted to gold. D) the alchemist would likely have been killed by the owners of real gold.
Indirect business taxes have to be added to national income to get net domestic product because the
a. price of the good includes these taxes, which are not payments to any factor of production b. price of the good includes these taxes, which are payments to the government which is a factor of production c. price of the good excludes these taxes and therefore they have to be added to national income to get net domestic product d. price includes these taxes, which, although part of national income, are not accounted for e. national income includes all taxes that a firm pays to the factors of production
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is lower and the quantity of labor demand is higher than at the equilibrium wage
a. True b. False Indicate whether the statement is true or false