A firm is defined as
a. a president, some vice presidents, and some employees.
b. any organization that wants to make a profit.
c. any accumulation of productive assets.
d. any organization that turns inputs into outputs.
d
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Wages in Baltonia are downwardly rigid. Which of the following will happen if a recession occurs in the country?
A) Employment will fall less than if wages were flexible. B) Unemployment will fall less than if wages were flexible. C) Employment will fall more than if wages were flexible. D) Unemployment will fall more than if wages were flexible.
The marginal product of labor is equal to the
A) total product divided by the total number of workers hired. B) increase in the total product that results from hiring one more worker with all other inputs remaining the same. C) slope of the marginal product of labor curve. D) None of the above answers are correct.
The current international monetary system is
a. a flexible exchange rate system b. a fixed exchange rate system c. a system combining fixed and flexible exchange rates d. a gold standard e. a gold exchange rate system
From 1964 to the present, real GDP
A. stayed roughly the same. B. more than doubled. C. almost quadrupled. D. fell until 1975 then increased fivefold.