For a competitive firm the marginal revenue product of labor is usually downward sloping
What will be an ideal response?
True. The marginal revenue product equals the marginal product multiplied by the constant price. The marginal product of labor is usually downward sloping due to diminishing marginal returns.
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If we assume competitive labor markets, the supply curve of labor when the firm is a monopoly is
A) upward sloping. B) vertical. C) horizontal. D) downward sloping.
Suppose you own some German government bonds that pay you interest every year. This interest is entered into which of the balance of payments accounts?
A) trade account B) interest account C) current account D) capital and financial account E) official settlements account
Behavioral economists recommend mechanisms that help people:
A. find the lowest cost for items that maximize their utility. B. stick with choices they say they want to make, but often don't. C. enact utility-maximizing decisions based on complete information. D. Behavioral economists have not developed tools that help people with any of these.
Import restrictions usually benefit domestic producers at the expense of domestic consumers
a. True b. False