A profit-maximizing firm will hire an additional unit of a resource as long as the
a. marginal product of the resource is greater than the marginal resource cost
b. marginal product of the resource is less than the marginal resource cost
c. marginal revenue product of the resource is greater than the marginal resource cost
d. marginal revenue product of the resource is less than the marginal resource cost
e. price of the resource is less than the marginal resource cost
C
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In the above figure, the monopsony wage rate is ________ and the quantity of labor is ________
A) $7.00; 150 hours B) $8.00; 200 hours C) $6.00; 100 hours D) $8.00; 100 hours
Refer to Figure 29-2. Consider the market for U.S. Dollars against the British pound shown in the graph above. From this graph we can conclude that the dollar price of a British pound has ________ to ________ dollars per pound
A) decreased; 2.00 B) decreased; 0.46 C) increased; 0.50 D) increased; 2.17
Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made. b. the money spent once a choice is made. c. the highest-valued alternative given up when a choice is made. d. the difference between the cost price and the selling price of a good. e. the cost of capital resources used in the production of additional capital.
In 1997–1998, which one of the following countries experienced a sharp depreciation of its currency?
a. Argentina b. Brazil c. Thailand d. Italy