You lose your job and as a result your demand for steak falls. This implies that you consider steaks to be a
a. Complementary good
b. Normal good
c. Inferior good
d. Substitute good
b
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The value of the marginal product of labor is given by the product of the marginal product of labor and the market wage rate
Indicate whether the statement is true or false
How is the dividing line between poverty and nonpoverty measured? Does this method overstate the degree of poverty?
By making infrastructure improvements, the government would change the Misery Index by:
A. Raising the unemployment rate and raising the inflation rate. B. Raising the unemployment rate but lowering the inflation rate. C. Lowering the unemployment rate and lowering the inflation rate. D. Lowering the unemployment rate but raising the inflation rate.
Answer the following questions true (T) or false (F)
1. The total amount of consumer surplus in a market is equal to the area below the market demand curve and above the market price. 2. The additional cost to a firm of producing one more unit of a good or service is equal to producer surplus. 3. The additional benefit to a consumer from consuming one more unit of a good or service is the marginal benefit.