The benefits from free trade are not evenly distributed throughout an economy.
a. true
b. false
a. true
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The Fed has attempted to solve the problems of being unable to directly control the variables that determine economic performance and the timing lags in observing and reacting to economic fluctuations by
A) pressing Congress for legislation which would expand its powers. B) using targets to meet its goals. C) abandoning some goals in order to achieve others. D) devising new monetary policy tools.
Moving up the Phillips curve in the short run will cause the entire curve to shift upward in the long run
a. True b. False
When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as the
a. marginal revenue multiplied by the wage. b. marginal product of labor multiplied by the wage. c. marginal product of labor divided by the wage. d. None of the above is correct.
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 2nd hour of work?
A. $4,200 B. $4,280 C. $1,800 D. $1,840