A firm will not hire additional workers once
A. the additional cost of a worker equals the additional revenue from the worker.
B. total product is rising.
C. the company reaches its breakeven output level.
D. it earns accounting profits.
Answer: A
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If inflation does not adjust rapidly in the short run, then when the Federal Reserve increases the nominal interest rate, the real interest rate in the short run will ________.
A. decrease B. be determined by saving and investment decisions. C. increase D. not change
Import restrictions create an incentive to smuggle
Indicate whether the statement is true or false
If disposable income falls, consumption expenditure falls ________
A) by an amount that depends on the real interest rate B) so that planned expenditure remains constant C) by an amount smaller than the decrease in disposable income D) all of the above E) none of the above
A fundamental aspect of public goods is that they
A) are just like private goods EXCEPT that everybody wants to consume the same amount. B) have positive externalities. C) are characterized by the principle of rival consumption. D) can be consumed jointly by many people simultaneously.