The measure of the cost of a standard basket of goods and services in any period relative to the cost of the same basket of goods and services in the base year is called the:
A. consumer price index.
B. consumption cost calculator.
C. consumption production index.
D. consumer production index.
Answer: A
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We assume that when a firm hires additional workers, the marginal physical product of labor will
A) increase because more workers can always get more work done. B) decrease because the new workers are likely to be less able than the previously hired ones. C) decrease because each worker now has less capital and other resources to work with. D) increase because large firms are more efficient.
In the above table, if the marginal factor cost is $48, how many workers would be hired?
A) 3 B) 4 C) 5 D) 6
How much would Nadia be willing to pay for the insurance?
a. $900 b. $1000 c. $1100 d. $1200
Inflationary gaps can be cured by either cutting government expenditures or raising taxes.
Answer the following statement true (T) or false (F)