A perfectly competitive firm is a "price maker."
a. True
b. False
Indicate whether the statement is true or false
False
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Answer the next question(s) based on the data contained in the following table.Units of LaborTotal ProductProduct Price00$2.201152.002281.803391.604481.405551.206601.10Assume that the firm is hiring labor in a purely competitive market. If the wage rate is $11, how many workers will the firm choose to employ?
A. 5 B. 4 C. 3 D. 2
Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 60 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
Currently, in the United States, you can expect the discount rate to be
a. used often to change the money supply. b. raised in periods of recession. c. fixed at the bank rate. d. adjusted to follow market rates of interest.
Government purchases rise by $100 billion and the MPC equals 0.75. Assuming that idle resources exist at each expenditure round, and the multiplier is operative, the change in Real GDP equals
A) $40 billion. B) $75 billion. C) $400 billion. D) $750 billion. E) $250 billion.