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Go Back   Freemason Hirams Travels Masonic Forums > Social Science > Economics

Economics Economics

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Old 04-21-2008, 09:48 AM
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I need help with economics! could you help?

7) For a wage rate of $15, the quantity demanded of labor is 2,000 hours per day. Which of the following could be another point on this demand curve for labor?

A) wage of $12, quantity demanded of 1,500
B) wage of $6, quantity demanded of 3,000
C)wage of $14, quantity demanded of 0
D) wage of $18, quantity demanded of $2,500

8) Firm A is a price taker and firm B is a price maker. Ceteris paribus, _______ will hire more workers for any given wage because the marginal revenue product curve is steeper for a firm that is a _______.
A) Firm A;price taker
B) Firm B;price maker
C) Firm B;price taker
D) Firm A; price maker

9) Internationalization of the workforce in the U.S.:
A) is limited because of U.S government policies concerning foreign workers.
B) is illegal by law
C) has decreased as a result of the Internet
D) all of the above.
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Old 04-21-2008, 09:49 AM
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7) B... as wage falls, a firm is willing to hire more workers.

8) I don't know what Ceteris paribus means. Sorry.

9) A... the others are plain not true.
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