Figure 17.1 depicts a firm's marginal revenue product curve. If the product price is $2, what is the marginal product of the 30th hour of labor?
A. 5 units
B. 6 units
C. 7 units
D. 8 units
Answer: D
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When a self-aware, present-biased individual invests in a commitment device that will bind him in the future, he will resent that commitment device when the future becomes the present.
Answer the following statement true (T) or false (F)
In September 2007, Regions Bank held $3 million in reserves against M1 deposits and made $83 million in loans. Between September 2007 and September 2008, deposits decreased from $114 million to $95 million
If Regions Bank wants to maintain its desired reserve ratio in 2008, it will A) increase its reserves. B) definitely make more loans. C) cannot make more loans. D) decrease its reserves.
An economic principle that explains why countries produce different goods and services is
A) trade as a percentage of GDP. B) absolute advantage. C) NAFTA. D) comparative advantage.
Which of the following rise during a recession?
a) losses but not unemployment b) unemployment but not losses c) neither losses nor unemployment d) both losses and unemployment