Refer to the table below. As the firm increases the number of employee-hours each day from 1 to 2, output increases by:OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 66 units.
B. 33 units.
C. 99 units.
D. 132 units.
Answer: B
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Government expenditure ________ change potential GDP and taxes ________ change potential GDP
A) can; can B) cannot; can C) can; cannot D) cannot; cannot E) None of the above answers is correct.
When the borrowing constraint is binding, ________
A) wealth is zero B) current consumption is lower than future consumption C) future consumption is lower than current consumption D) consumption smoothing is not possible
A monopsonist faces an upward-sloping labor supply curve. This means that his marginal expenditures on labor are
A) greater than the wage. B) equal to the wage plus the increase in the wage resulting from hiring one more unit of labor hired. C) greater than the wage because hiring more workers requires to pay all workers more. D) All of the above.
Refer to the diagram. At output level Q total variable cost is:
A. 0BEQ.
B. BCDE.
C. 0CDQ.
D. 0AFQ.