If a profit-maximizing firm is a price taker in the input market but not in the output market, its marginal value product of labor
a. exceeds the marginal revenue product of labor.
b. equals its marginal revenue product of labor.
c. is less than the marginal revenue product of labor.
d. equals the marginal physical product of labor.
a
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Which of the following transactions would be included in the official calculation of GDP?
A) You wash and wax your father's car as a favor to him. B) You illegally download music off the Internet to put on your new iPod. C) You buy a new iPod. D) A student buys a used textbook at the bookstore. E) Firestone sells $2 million worth of tires to General Motors.
As an individual consumes more of a good, the marginal utility of that good declines
a. True b. False Indicate whether the statement is true or false
Economic growth measured in terms of an increase in per capita real GDP is not a good measure of the distribution of income in a nation
a. True b. False Indicate whether the statement is true or false
The Fed is the only formal and legal organization that can create money.
Answer the following statement true (T) or false (F)