The pricing rule MR=MC holds for
a. All firms
b. Single product firms
c. Multiple product firms
d. None of the above
b
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Refer to Figure 1A.1. If the hours worked per week are 20, the income per week is
A) 50. B) 100. C) 150. D) 200.
Economic growth depends upon which of the following?
i. Improving the quality of labor ii. Technological advancement iii. Increasing the amount of capital A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
If the economy is in equilibrium at less than full employment, Keynesian economists would recommend that the government
a. do nothing b. pursue fiscal policy to stimulate aggregate demand c. pursue fiscal policy to stimulate aggregate supply d. balance the budget e. cut government spending to eliminate deficit spending
Which type of demand for money causes the demand for money curve to slope downward?
A. speculative demand B. precautionary demand C. transactions demand D. foreign-exchange demand