A competitive, profit-maximizing firm hires labor up to the point at which the wage is equal to the __________
Fill in the blank(s) with correct word
value of the marginal product of labor
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To eliminate a recessionary gap, what fiscal policy should the government pursue?
What will be an ideal response?
All of the following are part of an economic model except
A) data. B) opinions. C) assumptions. D) hypotheses.
Assume that a Chrysler automobile sells for $15,000 in the United States and that the exchange rate is $1 = €1.3 . For purchasing power parity to hold, the same car should sell in Germany for:
a. €15,000. b. €11,538. c. €19,500. d. €1,538. e. €15,500.
If you produce a graph with consumption spending on the vertical axis and disposable income on the horizontal axis, the relation between consumption and income will
a. be inverse. b. be transcendental. c. shift unpredictably. d. be direct.