If a potato farmer increases output and finds that total revenue increased less than total cost, then you know for sure that
a. profit had been maximized
b. the farmer should not have increased output
c. the farmer should produce even more output
d. the farmer suffers a loss
e. the farmer should have decreased output, not increased it
B
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Suppose new electronic devices make it easier to monitor the effort levels of workers. What happens to the NSC curve in the efficiency wage model?
A) Shifts upward B) Shifts downward C) Remains the same D) The NSC curve remains the same, and the labor supply curve shifts leftward because shirking workers will leave the labor force.
Demand deposits are
a. deposits held by individuals at one of the twelve Federal Reserve District Banks. b. interest-earning savings deposits held by individuals at a banking institution. c. deposits of commercial banks at one of the twelve Federal Reserve District Banks. d. deposits of individuals that can either be withdrawn or made payable on demand to a third party by a check.
Other things the same, if the price level is lower than expected, then some firms believe that the relative price of what they produce has
a. decreased, so they increase production. b. decreased, so they decrease production. c. increased, so they increase production. d. increased, so they decrease production.
Choice architects are likely to make program participation:
A. the status quo in order to entice high enrollment. B. the default rule if they want low enrollment. C. lower, even if they frame it positively. D. the default rule if they want high enrollment.