A simple rule for dealing with a complex situation which provides a "fast and frugal" decision is a:
A. present bias.
B. dopamine reaction.
C. heuristic.
D. cognitive response.
Answer: C
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A decrease in the population of an economy is likely to lead to lower wages and a lower quantity of labor used
Indicate whether the statement is true or false
Which of the following is not a leading variable?
A) Inflation B) Stock prices C) Average labor productivity D) Residential investment
If the price level does not fall or only falls very slowly, then the result will be a prolonged period of
a. inflation whenever supply increases. b. production below potential GDP. c. production above potential GDP. d. rapid price increases when demand changes.
Answer the question on the basis of the following information. A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are
hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. Refer to the given information. The marginal revenue product of the second worker is: A. $24. B. $8. C. $15. D. $9.