One Reason That Firms Hire Labour at the Point Where

question 80

Multiple Choice

One reason that firms hire labour at the point where w = MPN is

• A)if w < MPN,the cost (w)of hiring additional workers exceeds the benefits (MPN)of hiring them,so they should hire fewer workers.
• B)if w > MPN,the cost (w)of hiring additional workers is less than the benefits (MPN)of hiring them,so they should hire more workers.
• C)if w < MPN,the cost (w)of hiring additional workers equals the benefits (MPN)of hiring them,so they have the right number of workers.
• D)if w > MPN,the cost (w)of hiring additional workers exceeds the benefits (MPN)of hiring them,so they should hire fewer workers.

Understand how to calculate the price of goods in different currencies based on exchange rates.

Comprehend the concepts of absolute and comparative advantage in international trade.

Describe how trade flows and patterns are determined in a free trade environment.

Explain the impact of historical trade policies on imports and exports.

---

Definitions:

Time Sampling Error

A statistical error that occurs when the sample data collected does not accurately represent the population over a specific time period.

Correlations

Correlations refer to statistical measures that describe the extent to which two variables change together, indicating the strength and direction of their relationship.

Types of Relationships

Various forms of connections or associations between individuals, such as familial, romantic, platonic, or professional.

Test Administration Error

Mistakes or inconsistencies that occur during the administration of a test, potentially affecting the validity and reliability of the test results.