The term "labor" for an economist includes
A) all skilled workers, but not the unskilled workers.
B) all productive contributions of humankind.
C) only the value of the work done by scientists.
D) all employees who have high school diplomas.
B
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Alan's Roast House sells roasted peanuts in a competitive market. The firm employs labor ata wage rate of $6 per hour and rents capital for $15 per hour
At its current level of labor and capital, the marginal product of labor is 12 and the marginal product of capital is 40 . Is the firm currently maximizing profit? Explain.
Increases in real GDP would overstate the increase in the well-being of a country over time if, over that time period, the
A) price level increased. B) amount of pollution decreased. C) crime rate decreased. D) average hours worked per week increased.
A comparative advantage is the ability of one person or nation to produce a good at an opportunity cost that is lower than that of another person or nation.
Answer the following statement true (T) or false (F)
The advantage of a system of fixed exchange rates over one where exchange rates are flexible is that
A. the government gains more control over the economy. B. floating exchange rates impose risks on importers and exporters from unpredictable exchange rates. C. exchange controls become unnecessary. D. fiscal and monetary policy can focus more on domestic conditions.