A firm's demand curve for labor is equal to the
A) total revenue product.
B) marginal revenue product.
C) marginal factor cost.
D) marginal wage.
Answer: B
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Team production is a production process in which
A) pay is based on group output. B) individuals specialize in mutually supportive tasks. C) competing groups perform identical tasks. D) individuals rotate from one task to another.
A country produces only ice cream and pie. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Year Price of Ice Cream Quantity of Ice Cream Price of Pie Quantity of Pie 2008 $2.50 40 $5.00 20 2009 $3.00 50 $6.00 25 2010 $4.00 40 $6.00 30 Refer to Table 23-9. This country’s inflation rate from 2009 to 2010 to the nearest tenth was
A. real GDP was $250, and the GDP deflator was 125 B. real GDP was $240, and the GDP deflator was 125 C. real GDP was $240, and the GDP deflator was 120 D. real GDP was $250, and the GDP deflator was 120
Savings deposits are included in
A. M1 but not M2. B. M2 but not M1. C. M1 and M2. D. None of the above is correct.
If the Fed increases the interest rate in the U.S.:
A) the demand curve for dollars will shift to the left. B) the demand curve for dollars will shift to the right. C) the supply curve of dollars will shift to the right. D) the real exchange rate of the U.S. will depreciate.