The demand for labor depends on ________ and ________.
A. the rate of price inflation; the price of the output produced
B. the supply of labor; the price of output produced
C. the supply of labor; the marginal product of labor
D. the marginal product of labor; the price of output produced
Answer: D
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An increase in demand for DVD machines occurs. Which of the following statements is TRUE for individual firms that produce DVD machines?
A) The price of DVD machines will decrease leading to an increase in the demand for labor by the firm. B) The price of DVD machines will increase leading to an increase in the demand for labor by the firm. C) The price of DVD machines will increase leading to a decrease in demand by customers leading to a decrease in the demand for labor by the firm. D) A change in demand at the industry level does not influence an individual firm's demand curve for labor.
Pete's Package Delivery Service currently makes deliveries only within the state, but now decides to expand the scale of its operation by serving the neighboring state as well. It is likely to find
a. total variable costs decline as diminishing returns set in b. total fixed costs decline as more trucks cover a wider area c. total variable costs rise as more fuel and drivers are needed d. the price of hiring a worker falls as more workers are hired e. profits rise as total costs remain constant
The CPI in the base year is always equal to 100
Indicate whether the statement is true or false
Describe the functions of the Federal Reserve System.
What will be an ideal response?