$20 is to be divided among two individuals—Gary and Jamie. Which of the following allocations is NOT Pareto efficient?
A) Gary receives $1, and Jamie receives $19.
B) Gary receives $19, and Jamie receives $1.
C) Gary receives $8, and Jamie receives $9.
D) Gary receives $15, and Jamie receives $5.
C
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A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:
a. the value of the marginal product of the input with the price of the output. b. the marginal product of the last unit of the input employed with the input price. c. the input price with the price of the product produced. d. the marginal revenue product of the input with the input price. e. the marginal product of the last unit of the input employed with the price of the product produced.
In 2013, per capita real GDP was roughly half its value in 1960
a. True b. False Indicate whether the statement is true or false
An increase in the demand for loanable funds increases the equilibrium interest rate and increases the equilibrium level of saving
a. True b. False Indicate whether the statement is true or false
Labor productivity is measured as the
A. Dollar value of inputs per unit of output. B. Hourly wage rate divided by output per labor-hour. C. Dollar value of output per unit of labor. D. Output per labor-hour.