Katie Bobby -The Above Table Shows the Marginal Benefit from Submarines for Benefit

question 123

Multiple Choice

Katie Bobby

-The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $100 a piece to produce, what is the efficient quantity of submarines?

• A) 0
• B) 1
• C) 2
• D) 3

Understand the role of wages in determining labor market equilibrium and unemployment.

Identify the difference between the Bureau of Labor Statistics' household and establishment surveys.

Understand the effects of sectoral shifts on unemployment.

Recognize the effectiveness of public programs in reducing unemployment.

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Definitions:

Compensating Differentials

The variation in wage rates paid to different workers, mainly due to the non-monetary advantages or disadvantages of specific jobs.

Talent

A natural aptitude or skill possessed by individuals.

Human Capital

Represents the economic value of a worker's experience and skills, including education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Differences in Talent

Variations in the natural abilities, skills, or competencies among individuals that can impact productivity and earnings.