The quantity of labor supplied is determined by the:
A. number of firms.
B. opportunity cost of providing labor.
C. marginal product of labor.
D. technology.
B. opportunity cost of providing labor.
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The purchase of a U.S. asset by a foreign resident is a
A) surplus item on the current account. B) deficit item on the financial account. C) surplus item on the financial account. D) deficit item on the current account.
If a firm wants to borrow $10 million and the real interest rate increases from 5 percent to 6 percent, then the cost of the investment has increased by
A) $6 million per year. B) $100,000 per year. C) $1 million per year. D) $600,000 per year. E) nothing because the real interest rate is the return the firm will earn on its investment.
The figure above illustrates Mary's production possibilities frontier. If Mary wants to move from point b to point c, she must
A) improve technology. B) increase the accumulation of capital. C) give up some of good Y in order to obtain more of good X. D) give up some of good X in order to obtain more of good Y.
Which of the followingbestdescribes the economic concept of utility?
A. Utility is the total number of units a consumer buys. B. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility. C. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service. D. Utility and price are interchangeable values.