The Chicago Heights school district study found that
A) teachers have a low occurrence of moral hazard.
B) students did much better with a teacher who received merit pay.
C) adverse selection results among teachers with poor students.
D) teachers did not response to pay incentives.
B
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the production of cherries in the United States will equal
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Economic theory assumes people will not do what is in the interest of all unless it is in the interest of
A) each. B) humanity. C) the government. D) the public. E) their own pocketbooks.
The difference between technology and technological change is that
A) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques. B) technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production. C) technology involves the use of capital equipment while technological change requires the use of brain power. D) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10 . The marginal product of the seventh unit of labor is 4 . Given this information, what is the total cost of production when the firm hires 7 workers?
a. $66 b. $76 c. $906 d. $946