Macroeconomics is the study of economics from the standpoint of:
a. Individual economic units
b. A typical household
c. The overall economy
d. A typical firm
c. The overall economy
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We assume that when a firm hires additional workers, the marginal physical product of labor will
A) increase because more workers can always get more work done. B) decrease because the new workers are likely to be less able than the previously hired ones. C) decrease because each worker now has less capital and other resources to work with. D) increase because large firms are more efficient.
How does the prisoners' dilemma game apply to real-life situations?
Sources of productivity growth include all of the following except:
A. An increase in the ratio of capital to labor. B. An increase in the price level. C. Better use of available resources in the production process. D. An increase in labor skills.
Describe how the risk premium for a person with a convex utility function is determined
What will be an ideal response?