The determination of which goods are public goods depends on:
a. public laws
b. normative considerations.
c. whether it is produced directly by the government or produced by a private sector firm.
d. whether it is possible to exclude additional users from consuming the good if they do not pay for it.
d
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The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, the firms' surplus equals ________
A) $800 B) $900 C) $1,800 D) $400 E) $200
The decision rule for a profit-maximizing firm operating in a competitive market to hire an additional worker is the value of the:
A) marginal product of the worker should be equal to or greater than the wage rate. B) marginal product of the worker should be equal to or lower than the wage rate. C) average product of the worker being hired should be equal to the wage rate. D) average product of the worker being hired should be lower than the wage rate.
In the Keynesian framework, as long as output is ________ the equilibrium level, unplanned inventory investment will remain positive and firms will continue to ________ production
A) below; lower B) above; lower C) below; raise D) above; raise
The "miracle of compound interest" is best described by which of the following?
What will be an ideal response?