Refer to the above figure. A recession is best described as
A. the period between Point A and Point B.
B. the upward linear line.
C. the period between Point B and Point C.
D. none of these.
Answer: A
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A profit-maximizing perfectly competitive firm should hire workers up to the point where labor's marginal revenue product equals the wage rate
Indicate whether the statement is true or false
The natural rate of unemployment is not zero. It is at least 5 percent, allowing for individuals who are frictionally and structurally unemployed
Indicate whether the statement is true or false
Signaling is when someone takes action to:
A. reveal private information about someone else. B. reveal one's own private information. C. find out the opportunity cost of acquiring more information. D. None of these statements is true.
Suppose that labor is measured on the horizontal axis and capital is measured on the vertical axis. At an interior solution:
A. MRTSLK = PL/PK. B. MRTSLK = - PL/PK. C. MRSTLK = PK/PL. D. MRTALK = - PK/PL.