The distinction between income and needs of the working poor is not vital for policy concerns. Indicate whether the statement is true or false ANSWER F
Date: September 9th, 2020
The authors cite a recent study of MBA programs that compares pre-MBA salaries with post-MBA salaries. For some of the highest ranked schools, the salary difference was roughly $100,000 per year, and the difference was roughly $60,000 for some schools ranked near the bottom of the top 20. Is it possible that the financial returns […]
Date: September 9th, 2020
The “efficiency wage” is the wage at which A) employees have no incentive to shirk. B) employees have an incentive to do the optimal (positive) amount of shirking. C) the cost of looking for work is equal to the value of the leisure time for the unemployed individual. D) there is no unemployment. E) there […]
Date: September 9th, 2020
Suppose you plan to retire in eight years, but your boss would like you to earn an online MBA in order to take on a new managerial position. The firm will continue to pay your salary while you are working through the online courses, and the new position pays an additional $15,000 per year. The […]
Date: September 9th, 2020
An increasing-cost industry is so named because of the positive slope of which curve? A) Each firm’s short-run average cost curve B) Each firm’s short-run marginal cost curve C) Each firm’s long-run average cost curve D) Each firm’s long-run marginal cost curve E) The industry’s long-run supply curve ANSWER E
Date: September 9th, 2020
If forced to choose, middle class whites would generally prefer as neighbors middle class blacks to poor whites. Indicate whether the statement is true or false ANSWER T
Date: September 9th, 2020
The official statistics on working poverty do not distinguish paid workers from individuals who are self-employed. Indicate whether the statement is true or false ANSWER T
Date: September 9th, 2020
Jim’s Hardware Supply has theft insurance. Jim also has an alarm system. The alarm system has just recently malfunctioned. If Jim has the alarm system repaired, it will cost him $100. The probability of a theft occurring is p = 0.0001. If a theft occurs and there is no alarm system, the value of stolen […]
Date: September 9th, 2020
In an increasing-cost industry, expansion of output A) causes input prices to rise as demand for them grows. B) leaves input prices constant as input demand grows. C) causes economies of scale to occur. D) occurs under conditions of increasing returns to scale. E) occurs without diminishing marginal product. ANSWER A
Date: September 9th, 2020
A decreasing-cost industry has a downward-sloping A) long-run average cost curve. B) long-run marginal cost curve. C) short-run average cost curve. D) short-run marginal cost curve. E) long-run industry supply curve. ANSWER E
Date: September 9th, 2020
