Refer to Table 17-2. The marginal profit from hiring the second unit of labor is
A) $4,200. B) $1,960. C) $1,800. D) $1,450.
D
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Over the past year, productivity grew 2%, capital grew 1%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.2 and 0.8, respectively, how much did output grow?
A) 1% B) 2% C) 3% D) 4%
The legislation that separated investment banking from commercial banking until its repeal in 1999 is known as the
A) National Bank Act of 1863. B) Federal Reserve Act of 1913. C) Glass-Steagall Act. D) McFadden Act.
In an open economy, a decrease in capital inflows ________ the equilibrium domestic real interest rate and ________ the quantity of domestic investment.
A. decreases; decreases B. decreases; increases C. increases; decreases D. increases; increases
Producer surplus is defined as
A. the value that the consumer places on a good over the amount they pay for it. B. when quantity demanded is greater than quantity supplied. C. the money that the producer gets from a good over the amount they are willing to sell it for. D. when quantity supplied is greater than quantity demanded.