Congress and the president are the key decision makers for U.S. monetary polic
a. true
b. false
b. false
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Suppose that Oscar sells pork in a perfectly competitive market. The market price of pork is $3 per pound. The marginal revenue generated by Oscar from selling the 12th pound of pork would be
A. $4. B. $3. C. $36. D. Not enough information is given to answer this question.
Refer to Figure 2-2. Suppose Vidalia is currently producing 20 dozen orchids per period. How many roses is it also producing, assuming that resources are fully utilized?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
A firm currently has 5 workers each paid $15 per hour. If it decides to hire a 6th worker, the hourly wage increases to $18 for all workers. What is the marginal cost of hiring the 6th worker?
a. $3 b. $18 c. $15 d. $33
An equation that captures how inputs of production are related to output is called a:
A. consumption function. B. GDP deflator. C. production function. D. saving function