If a competitive firm faces a competitive labor market, it will hire labor until
A) w = p.
B) w = MPL.
C) w = MPL ? p.
D) MPL = 0.
C
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Which economy managed to eliminate economic profits and losses?
A) Socialist Cuba B) Socialist China C) Fascist Italy D) Nazi Germany E) None of the above.
In the short run following a depreciation of the dollar, the United States may move downward along the J-curve since it is likely that the United States
A) spends more dollars on imports. B) spends fewer dollars on imports. C) sells an increased dollar amount of exports. D) sells a reduced dollar amount of exports.
Which of the following is most likely a topic of discussion in macroeconomics?
A. an increase in the price of a hamburger B. a decrease in the production of DVD players by a consumer electronics company C. an increase in the wage rate paid to automobile workers D. a decrease in the unemployment rate
Who is affected when a Pigouvian tax is imposed on a market with a negative production externality?
A. Producers B. Those affected by the externality C. Consumers D. All of these groups are affected when it becomes internalized.