Above is a firm's average product of labor and marginal product of labor curves. The price of labor is $60 per unit. Given this, diminishing returns set in with the
A. 12th unit of labor.
B. 3rd unit of labor.
C. 14th unit of labor.
D. 6th unit of labor.
E. 10th unit of labor.
Answer: D
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If a person owns 2,000 shares in a corporation that has issued 200,000 shares of stock, that person owns ____ of the company and is entitled to ____ of the dividends.
A. 1 percent; 1 percent B. 2 percent; 2 percent C. 10 percent; 10 percent D. 20 percent; 20 percent
Expansionary monetary policy affects domestic income in a way that causes:
A. exports to rise. B. imports to fall. C. imports to rise. D. exports to fall.
Which of the following combinations is plausible for a nation's balance of payments? (All numbers in billions.)
A) current account = 10, capital account = 40, official reserve transaction account = 50 B) current account = 40, capital account = 20, official reserve transaction account = -50 C) current account = 50, capital account = -30, official reserve transaction account = 20 D) current account = 30, capital account = -20, official reserve transaction account = -10
Which of the following transactions would be included in the official calculation of GDP?
A) A student buys a used textbook at the bookstore. B) Firestone sells $2 million worth of tires to General Motors. C) You wash and wax your father's car as a favor to him. D) You buy a new iPod. E) You illegally download music off the Internet to put on your new iPod.