A labor union acts as a monopsony seller of labor.
Answer the following statement true (T) or false (F)
False
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A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire?
A. 1 B. 2 C. 3 D. 4
Define the production function. Discuss why the production function exhibits diminishing returns
What will be an ideal response?
A tradable emissions permit:
A. entitles a firm to generate a specified amount of a given pollutant. B. is transferable. C. can be used to promote least-cost abatement. D. All of the responses are correct.
GDP tends to overstate economic well-being because it takes into account:
A. Improvements in product quality over time B. Expenditures undertaken to correct pollution C. Illegal activities of individuals and businesses D. Nonmarket activities, such as the productive work of homemakers