The value of the marginal product of labor equals the marginal product of labor times the:
A. nominal wage.
B. price of output.
C. quantity of labor.
D. real wage.
Answer: B
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Barbara is willing to loan $10,000 if she can earn a real interest rate of 6 percent. Everything else the same, if the inflation rate is 2 percent, she would agree to loan the $10,000 if the nominal interest rate is
A) 3 percent. B) 10 percent. C) 4 percent. D) 12 percent. E) 8 percent.
An individual demand curve can be derived from the ________ curve
A) price-consumption B) price-income C) income-substitution D) income-consumption E) Engel
The infant industry argument for protectionism is to block imports ______________ to give the infant industry time to mature before it starts competing on equal terms in the global economy.
a. for a limited time b. for a long time c. permanently d. never
If the marginal utility to Juan of sleeping an extra hour (from 8 a.m. to 9 a.m.) is negative,
a. Juan is better off getting up at 8 a.m. b. Juan is better off getting up at 9 a.m. c. Juan's total utility from sleeping must be negative. d. Juan's average utility from every hour he sleeps must be negative.