If a firm finds that, at its current level of employment, VMP < W, then it has
A) reached maximum profits.
B) reached minimum profits.
C) not hired enough labor to maximize its profit.
D) hired too much labor to maximize its profit.
D
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From 1960 to 2012
A) the U.S. economy roughly tripled in size. B) U.S. imports roughly tripled in size. C) the share of US Trade in the global economy roughly tripled in size. D) U.S. Imports roughly tripled as compared to U.S. exports. E) U.S. exports roughly tripled in size.
What happens when network externalities are present?
a. The usefulness of telecommunications equipment rises. b. The usefulness of networks diminishes with the number of consumers who enter them. c. The usefulness of a product increases with the number of consumers who use it. d. The usefulness of a product decreases as the number of products rises.
(Consider This) Which of the following is an example of economic investment?
A. Volvo buys an old factory building from General Motors. B. Nike buys a new machine that increases shoe production. C. Bill Gates buys shares of stock in IBM. D. Warren Buffet buys U.S. savings bonds.
Related to the Economics in Practice on p. 83: The initial price of $0 for the Shakespeare in the Park tickets is akin to the city of New York ________ the tickets.
A. assigning favored customer status for B. issuing a price ceiling on C. issuing ration coupons for D. issuing a price floor on