Econ final sem 1 frequently missed questions

A perfectly competitive firm is currently producing at a profit maximizing output level if the marginal physical product of labor is 10 years per hour is a wage rate of eight dollars per hour which of the following is true

The output price is .8 per unit

A perfectly competitive firm earning economic profits produces and sells 100 units of output at a price of $20 per unit. If its marginal cost of increasing output to root of 101 units is $18, which of the following statements is correct

The total profit from selling 101 units is two dollars greater than the total profit from selling hundred units

if nation specialize according to their comparative advantage and engage in international trade with eachother, each nation

consumer outside the PPC

if the market demand for a good is inelastic and the supply is elastic which of the following is true when there is an increase in sales tax

consumers will bear most of the burden of the tax

which of the following best explains why the short run average total cost curve is u shaped

spreading total fixed cost over a larger output and eventually diminishing returns

Which of the followings tends to increase the gap earnings between skilled and unskilled workers overtime

A decrease in demand for unskilled workers relative to skilled workers

A change in which of the following will not cause a shift in the demand curve for a factor of production

Supply of the factor

if a competitive firm pays its workers the value of the marginal product of the labor of the last worker hired which of the following is true

The contribution of the last worker hired to the firms profit will be zero

if shirts and ties are complement and if the price of shirts increases due to an increase in the price of cotton which of the following is most likely to occur in a market for ties in the short run

The equilibrium price and quantity of ties will decrease

The supply curve for automobiles will shift left in response to

an increase in wages in the automobile industry

the government must provide public goods such as national defense because

it is impossible to exclude individuals who value public goods but do not pay for them