The gold standard fixes the:
a. future price of gold in terms of silver.
b. price of gold in terms of international currencies.
c. future price of silver in terms of gold.
d. money supply in terms of paper currency.
e. past exchange rate and the future exchange rate.
b
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The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is 30, the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5
For Acme Company, the marginal revenue product of labor A) is $100. B) is $150. C) is $400. D) is $600. E) cannot be determined with the information provided.
Which of the following factors make a barter system inefficient relative to a money system?
a. Unanticipated inflation in the money system b. Gains from trade for buyers in barter transactions come at the expense of an equivalent loss from trade for sellers. c. Complete dependence on double coincidence of wants in a barter system. d. People in close-knit communities cannot trust the quality of the barter goods being exchanged.
Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. An economic decline is represented by a movement from
A. point C to point A. B. point D to point A. C. point A to point B. D. point B to point A.
Explain how the marginal product and average product of labor change as the labor employed increases (a) initially and (b) eventually
What will be an ideal response?