A firm has 8 workers and each earns $100 a day. If the 8th worker has an MRP of $80, then the firm has _______ workers.
Fill in the blank(s) with the appropriate word(s).
too many
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A recession is a period of time in which the total output of the economy falls.
Answer the following statement true (T) or false (F)
In the figure above, the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110. As the economy moves toward its ultimate equilibrium, the ________ curve shifts ________ because ________
A) aggregate supply; leftward; the money wage rate rises B) aggregate supply; rightward; the money wage rate falls C) aggregate demand; rightward; the money wage rate falls D) aggregate demand; leftward; the money wage rate rises E) potential GDP; leftward; the money wage rate falls
Assuming a fixed exchange rate, a decrease in U.S. prices relative to European prices will:
a. decrease European exports to the United States. b. increase U.S. imports from Europe. c. decrease aggregate spending in the U.S. d. not affect U.S. exports or imports. e. raise the purchasing power of U.S. consumers.
When analyzing public sector decision making, economic theory assumes voters, politicians, and government officials will
a. respond to changes in personal benefits and costs when making public sector choices. b. always pursue the public interest even when it conflicts with their private interests. c. generally ignore the personal costs and benefits associated with their choices. d. make decisions that seek to maximize the amount of benefits created for society as a whole.