Economics 12E - Arnold - TB_300

Economics 12E - Arnold - TB_300 - a $600 b $60 c $100 d $9...

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a. $600. b. $60. c. $100. d. $9. ANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Labor markets KEYWORDS: Bloom's: Application NOTES: New 117. Refer to Exhibit 27-5. The marginal revenue product of the fifth unit of labor is a. $270. b. $20. c. $330. d. $120. ANSWER: d POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Labor markets KEYWORDS: Bloom's: Application NOTES: New 118. Refer to Exhibit 27-5. Assume that the firm is a factor price taker and that the price of a unit of labor is constant at $480. The firm should hire __________ of labor. POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Labor markets
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KEYWORDS: Bloom's: Application NOTES: New
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