The monopsonistic employer hires more workers until marginal
a. physical product is zero
b. revenue product equals marginal labor cost
c. revenue product equals the wage
d. physical product equals the wage
e. physical product equals marginal labor cost
B
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When a quota on a product is eliminated, the ones who benefit the most are the
A. domestic consumers of the product. B. foreign consumers of the product. C. domestic workers in industries producing the product. D. domestic producers of the product.
Bobby was researching the economic growth of a country between 2006 and 2011. Using 2006 as the base year, he calculated a twelve percent increase for real GDP and a ten percent increase for nominal GDP. His results indicate that
A) he made an error when calculating nominal GDP. B) the quantity of goods and services produced decreased over the period. C) the quantity of goods and services produced increased and prices decreased over the period. D) the quantity of goods and services produced and prices both decreased over the period. E) the quantity of goods and services produced did not change and prices decreased over the period.
Suppose the U.S. GDP growth rate is slower relative to other countries' GDP growth rates. This will
A) shift the aggregate demand curve to the left. B) move the economy down along a stationary aggregate demand curve. C) shift the aggregate demand curve to the right. D) move the economy up along a stationary aggregate demand curve.
According to James Duesenberry
a. relative income is unimportant b. the MPC decreases as national income increases c. Keynes's absolute income hypothesis is correct but his investment hypothesis is not confirmed by the data d. the consumption function slopes downward e. consumption spending is rooted in status