The major determinant of an individual's income is
a. whether or not her family is wealthy.
b. how well she gets along with her co-workers and boss.
c. how productive she is combined with demand for what she produces.
d. how much she enjoys the work.
C
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People who give erroneous explanations of how they themselves perform a particular task, such as tying their shoelaces or setting prices,
A) cannot be performing the task successfully. B) may nonetheless perform the task successfully. C) must be lying. D) would necessarily perform the task more successfully if they understood it correctly.
From Equation (7.1 ) in the book, the short-run marginal cost of production is MC = w/MPL. Based on this equation, which of the following statements is NOT true?
A) If the marginal product of labor is constant, then MC is constant. B) If the marginal product of labor is a concave curve, then the MC curve is also concave. C) If the marginal product of labor is a concave curve, then the MC curve is U-shaped. D) MC increases as the marginal product of labor declines.