If the wage rate decreases from $17 to $13, by how much will the firm expand employment?
A firm operating in a purely competitive labor market has the following marginal revenue product schedule.
A. 5 workers
B. 4 workers
C. 3 workers
D. 2 workers
D. 2 workers
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The GDP deflator:
A) measures the price changes of a fixed basket of goods and services. B) measures the price changes of all final goods and services produced. C) measures the price changes of just goods consumed by the household sector. D) none of the above.
On the day of delivery
A) the spot price will equal the futures price. B) the spot price will be greater than the futures price by an amount equal to the current interest rate times the futures price. C) the futures price will be greater than the spot price by an amount equal to the current interest rate times the spot price. D) there is no necessary relation between the spot price and the futures price.
Consuming one more of a good increases its marginal-utility-to-price ratio, and consuming one less of the other good lowers its marginal-utility-to-price ratio
a. True b. False Indicate whether the statement is true or false
The production possibilities curve depicts the combinations of two goods that can be
a. viewed as creating international specialization, one country producing one good, the other a second good b. produced with a given level of technology and set of resources c. consumed with a given quantity of resources and level of technology d. produced with varying levels of unemployment of resources e. produced with varying levels of unemployment and underemployment of resources