A firm will find it profitable to hire workers up to the point at which their
A. marginal resource cost is equal to their MRP.
B. MP is equal to their MRP.
C. marginal resource cost equals their wage rate.
D. wage rate equals product price.
Answer: A
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The Malthusian model predicts that
A) population will keep increasing. B) the standard of living will keep increasing. C) health improvements increase the standard of living. D) population control improves the standard of living.
Which of the following best illustrates the fallacy of composition?
a. I hate driving to work when the traffic is so heavy, so I decide to leave 30 minutes earlier than in the past. If everyone were to leave 30 minutes earlier for work, we'd all get to work faster. b. A great many people have been immunized against polio because it can be such a devastating disease. As a result, I probably do not personally need to be immunized against polio. c. Whenever I attend a baseball game at the local stadium, the home team wins. Therefore, if I attend all of the team's local games, they will achieve a perfect winning record at home. d. The parking at Ohio State University is in short supply on the main campus. It would be better for more people to ride the bus to school.