Labor contracts often fix wages for more than one year
a. True
b. False
Indicate whether the statement is true or false
True
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In the short run, a perfectly competitive firm earning negative economic profit
A) is on the downward-sloping portion of its AVC. B) is at the minimum of its AVC. C) is on the upward-sloping portion of its AVC. D) is not operating on its AVC. E) can be at any point on its AVC.
The value of tires purchased by a company to use on its cars is not included when calculating the gross domestic product (GDP)
a. True b. False Indicate whether the statement is true or false
If strong monetary policy stimulus is used to combat a recessionary gap, what will happen?
a. a rapid movement toward lower unemployment and higher inflation b. a rapid movement toward lower unemployment and lower inflation c. a slow movement toward lower unemployment and higher inflation d. a slow movement toward lower unemployment and lower inflation
When a competitive firm maximizes profit, it will hire workers up to the point where the
a. marginal product of labor is equal to the product price. b. marginal product of labor is equal to the wage. c. value of the marginal product of labor is equal to the product price. d. value of the marginal product of labor is equal to the wage.