A firm's demand curve for labor is equal to the
A. marginal wage.
B. marginal revenue product.
C. total revenue product.
D. marginal factor cost.
Answer: B
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Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. As a result, this should
A) shift the short-run aggregate supply curve to the right. B) shift the short-run aggregate supply curve to the left. C) move the economy down along a stationary short-run aggregate supply curve. D) move the economy up along a stationary short-run aggregate supply curve.
Regulatory commissions often set a(n) ____ for a regulated business
A) economic profit. B) fair rate of return. C) overhead charge. D) entry barrier.
Which scenario best exemplifies how money functions as a means of exchange?
a. Marcus makes a payment on his mortgage every month. b. Indu knows that a stamp is $0.50 and a soda is $2, so a soda has the same value as four stamps. c. Stefie gives Dan $8 and receives a new paperback novel in return. d. Each month, a portion of Yolanda’s paycheck is deposited into a retirement account.
Why is it important that the central bank be independent, or insulated from changes in political power?
What will be an ideal response?