When firms decide how much labor to hire, one of the factors that influences them is the
A) nominal wage rate plus the inflation rate.
B) nominal wage rate divided by the price level and then multiplied by 100.
C) nominal wage rate minus the inflation rate.
D) real wage rate plus the inflation rate.
E) nominal wage rate divided by the inflation rate and then multiplied by 100.
B
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A monopolistically competitive firm will
A) always produce at the minimum efficient scale of production. B) have some control over its price because its product is differentiated. C) produce an output level that is productively and allocatively efficient. D) charge the same price as its competitors do.
The real return of money is
A) 0. B) -r. C) -R. D) -i.
GDP is: a. the total value of all consumer expenditures within a given period
b. national income after taxes. c. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. d. the value of all final goods and services produced domestically within a given period.
The price elasticity of demand is a measure of
A) the responsiveness of the quantity demanded of a good to a changes in the price of the good. B) the quantity demanded of a good at a given price. C) the demand for a product holding prices constant. D) the horizontal shift in the demand curve when the price of a good changes.