Refer to the above table. Suppose the marginal revenue product of the 7th worker is $1100. This implies that
A. the price of the good is $1.
B. the price of the good is $8.
C. the price of the good is $20.
D. we cannot tell what the price of the good is without more information.
Answer: C
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Which of the following addresses agency costs
a. advertising for employee positions in as many outlets as possible b. requiring employees to punch time clocks c. instituting longer work days d. reducing the number of holidays
According to classical economists, the only types of unemployment that exist in an economy are
A. structural and frictional unemployment. B. seasonal and cyclical. C. frictional and seasonal. D. cyclical and frictional.
Answer the following question on the basis of the data given for two regions, East and West, of a hypothetical world. The nations have the production possibilities for units of food and clothing given below.
Refer to the data above. The mutually beneficial terms of trade will be:
A. Greater than 4 units of food for 1 unit of clothing
B. Between 4 and 5 units of food for 1 unit of clothing
C. Between 2 and 3 units of food for 1 unit of clothing
D. Less than 2 units of food for 1 unit of clothing
During a(n) ________ the demand for money decreases because ________
A) recession; the price level rises B) recession; real GDP decreases C) equilibrium; real GDP decreases D) recession; nominal GDP increases E) expansion; real GDP decreases