What two factors should you equate in deciding how many workers to employ?
A) The marginal product of labor and the marginal product of capital
B) The marginal product of labor and the real wage rate
C) The marginal product of labor and the real interest rate
D) The marginal product of capital and the real wage rate
B
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Suppose that the city builds a new park that is advertised as being "open to the public," and within two months the grass in the park is ruined by overuse. This would be an example of
a. a nonrenewable resource b. a private good c. the common pool problem d. a positive externality e. a renewable and excludable resource
The aggregate supply curve shows the relationship between the price level and the level of real GDP produced by the nation's economy
a. True b. False Indicate whether the statement is true or false
An oligopoly can be characterized by production of either identical goods or differentiated goods.
Answer the following statement true (T) or false (F)
Eventually, external debt must be repaid with the export of real goods and services.
Answer the following statement true (T) or false (F)