Assume that a restaurant is hiring labor in an amount such the the MRC that the last worker is 16$ and also her MRP is 12$. On the basis of this information, we deserve to say that: A. Earnings will be enhanced by hiring extr workers.B. Earnings will be boosted by hiring under workers. C. Marginal revenue product must exceed mean revenue product. D. The restaurant is maximizing profits.

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The labor demand curve that a purely competitive seller: a. Slopes downward because the for sure must lower price to sell more output. B. Slopes downward due to the fact that labor productivity boosts as successive workers space hired. C. Is perfectly elastic due to the fact that the firm is hiring an insignificant portion of the full labor supply. D. Slopes downward due to the fact that the marginal product of successive workers declines.
The elasticity of resource demand will certainly be higher the: a. Smaller sized the part of the product"s complete costs accounted because that by the resource. B. Much less the elasticity of demand for the product the is producing. C. Less complicated it is to substitute other resources in production. D. Much less the elasticity of source supply.
If the wage price increases: a. A completely competitive producer will certainly hire much less labor, however an imperfectly vain producer will certainly not. B. One imperfectly compete producer will hire less labor, but a purely competitive producer will not. C. A completely competitive producer and also an imperfectly compete producer will both hire much less labor. D. An imperfectly vain producer may discover it financially rewarding to hire either an ext or less labor.
Answer the question on the basis of the following information. A farmer who has actually fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 once two workers are hired; 37 as soon as three are hired; and also 40 when four are hired. The farmer"s product sells for $3 every unit and the wage rate is $13 per worker.Refer to the offered information. The marginal product that the second worker is: a. 24. B. 8. C. 5. D. 1.
A firm operation in a purely competitive resource market deals with a source supply curve the is: a. Perfectly inelastic. B. Perfect elastic. C. Very inelastic. D. Extremely elastic.
A firm that is hiring job in a purely competitive job market and selling its product in a completely competitive product market will maximize its profit by hiring labor until: a. Marginal revenue product is zero. B. Marginal revenue product exceeds marginal resource (labor) price by the best amount. C. Marginal resource cost is zero. D. Marginal revenue product equals marginal source (labor) cost.
19. 1. W 2. W = MRP; W 3. W = MRP; W = MRC4. W > MRP; W > MRCRefer to the list. The result in a purely competitive labor sector is shown by: a. 1. B. 2. C. 3. D. 4.
In monopsony: a. Every firm employs a small portion of the full supply the labor. B. The workforce is very mobile. C. The wage price paid by the employee varies straight with the number of workers employed. D. The employer is a "wage taker."
As compared to a purely competitive labor market, in a nonunionized monopsonistic labor market, wages: a. And also employment will certainly both it is in lower. B. Will certainly be higher, but employment will be lower. C. Will certainly be lower, however employment will certainly be higher. D. And employment will both be higher.
The equilibrium interest rate equates: a. Nominal and real interest rates. B. The quantities demanded and also supplied of loanable funds. C. Consumption and also saving. D. Taxes and government spending.
The demand for loanable accumulation is downsloping: a. Since businesses discover that an ext investments are financially rewarding at short interest rates than at high interest rates. B. Due to the fact that households room willing come save much more at high interest prices than in ~ low interest rates. C. Only when the nominal interest rate exceeds the real interest rate. D. Due to the fact that the quantity of financially rewarding business invest varies directly with the attention rate.
The "time-value that money" refers to the fact that: a. A given amount that money becomes much more valuable over time. B. A provided amount that money is more valuable the sooner the is obtained. C. People expect financial compensation for their labor time. D. A provided amount that money today is indistinguishable to a smaller amount of money in the future.
Economic benefit might an outcome from: a. Simple entry into industries. B. Dynamic change and uncertainty. C. X-inefficiency. D. A decrease in entrepreneurship.
. A regular profit is: a. The average profitability of a firm end one complete business cycle. B. Calculation by subtracting explicit costs from full revenue. C. The "price" required to retain entrepreneurial talent in some details line of production. D. The amount whereby total revenue exceeds complete operating costs.
If friend would need to pay $5,000 in taxes on a $25,000 taxable income and also $7,000 on a $30,000 taxable income, climate the marginal tax rate on the extr $5,000 of earnings is: a. 40 percent and the average tax rate is about 23 percent at the $30,000 revenue level. B. 50 percent and the median tax rate is 40 percent in ~ the $30,000 revenue level. C. 40 percent and the median tax price is 25 percent in ~ the $25,000 revenue level. D. 30 percent, but average tax prices cannot be established from the information given.
Taxable revenue is: a. Total income less deductions and exemptions. B. The exact same as gross income. C. The only income to i beg your pardon marginal tax rates apply. D. The amount of every wage and property income.
With respect come state finance, for many states: a. Legacy taxes space the significant source that revenue and also most expenditures space for health services. B. The corporate income tax is the significant source the revenue and also natural resource development is the major type of expenditure. C. Building taxes space the basic source that revenue and also education is the major form of expenditure. D. Sales and excise taxes room the significant source that revenue and also education is the major type of expenditure.
In determining one"s personal income tax, taxable earnings is: a. Complete income less deductions and exemptions. B. All income. C. All revenue other 보다 wages and salaries. D. Wage and also salary revenue only.
A progressive tax is such that: a. Tax prices are greater the higher one"s income. B. The very same tax rate uses to all income receivers, so that the affluent pay absolutely much more taxes than the poor. C. Entrepreneurial earnings is freed from taxation. D. The revenues it yields are spent on deliver payments.

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The mean tax price is: a. Equal to the marginal tax rate if the tax is progressive. B. The total tax price minus the marginal tax rate. C. The proportion of total taxes payment to total taxable income. D. The tax price that applies to incremental dollars of income.
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