Which of the following policies is not an example of a command-and-control policy?
a. subsidies
b. Pigovian taxes
c. tradable pollution permits
d. None of the above is an example of a command-and-control policy.
d
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Generally, the longer the maturity on a bond, the lower the interest rate
a. True b. False
The general rule for allocating a productive resource efficiently across different production activities of the same product, like fishing boats in the text case example, is to choose the allocation for which the
A. marginal product of the resource is the same in every activity. B. total product of the resource is the same in every activity. C. average product is equal to the marginal product in every activity. D. average product of the resource is the same in every activity.
What is the most accurate description of the value of a worker to the firm?
A. the firm's total output when holding capital fixed B. the dollar value of the average worker's output C. the dollar value of the worker's output D. the wage E. the firm's average product when holding capital fixed
A profit-maximizing firm operates in purely competitive product and resource markets, with the following resource and production schedules.WorkersTotal Production11002190327043405400645074908520The product price is $10 per unit and the cost per worker is $600. How many workers will the firm employ?
A. 4 B. 5 C. 6 D. 7