For a perfectly competitive firm, the value of the marginal product is
A) the same thing as marginal factor cost.
B) the same thing as marginal physical product.
C) marginal physical product times the product price.
D) marginal physical product times the wage rate.
Answer: C
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If the nominal interest rate is 8 percent and the inflation rate is 2 percent, the real interest rate is approximately
A) 4 percent. B) 6 percent. C) 0.25 percent. D) 10 percent.
A decrease in the real money supply can result from:
A) increase in the nominal money supply or an increase in the price level. B) increase in the nominal money supply or a decrease in the price level. C) decrease in the nominal money supply or an increase in the price level. D) decrease in the nominal money supply or a decrease in the price level.
"Private property" means
What will be an ideal response?
Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that
A) the law of supply has been violated. B) the demand for swimming pool maintenance services has increased. C) the supply of swimming pool maintenance services has decreased. D) swimming pool maintenance services are becoming more technologically advanced.