The optimum resource mix for a firm would be
A. wage rate/rent = MRP of labor/MRP of land.
B. wage rate × rent = MRP of labor × MRP of land.
C. MRP of labor/wage rate = MRP of land/rent.
D. None of these choices are correct.
C. MRP of labor/wage rate = MRP of land/rent.
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If the expected inflation rate changes, the long-run Phillips curve ________, and the short-run Phillips curve ________
A) shifts rightward; shifts upward B) does not shift; shifts upward C) shifts rightward; shifts downward D) shifts rightward; does not shift E) does not shift; does not shift
Labor productivity is $20 per hour and aggregate hours are 400 billion hours
a. What does real GDP equal? b. Because of technological advances, labor productivity doubles to $40 per hour. Furthermore, assume that aggregate hours decrease to 300 billion hours. What does real GDP equal?
Figure 17-8
Refer to . With trade, this country
a.
exports 20 wagons.
b.
exports 50 wagons.
c.
imports 30 wagons.
d.
imports 50 wagons.
Some nations are increasing the amount of land covered by forests, while others are experiencing rapid deforestation. According to economists, this is largely because:
A. different nations have different ethical views regarding treatment of the environment. B. nations with increasing forest cover have poorly enforced or nonexistent property rights. C. nations with declining forest cover treat forests as private property or strictly regulated government property. D. nations with increasing forest cover treat forests as private property or strictly regulated government property.