If hiring the 4th worker increases total product by 50 units and the price of each unit is $15,
a. the firm should not hire the 4th worker as MB c
c. the firm should hire the 4th worker as MB>MC
d. the firm should not hire the 4th worker as MB
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An example of a public good is
A. a concert by renowned country music star. B. a good that can be used exclusively by one consumer only. C. a local free fireworks display. D. a café latte at Starbucks.
change in demand
What will be an ideal response?
A system in which governments intervene in foreign exchange markets to limit but not eliminate exchange rate fluctuations is referred to as
A. Marginal exchange rates. B. Balance-of-payments exchange rates. C. Managed exchange rates. D. Speculative exchange rates.
The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
a. Employment agencies b. Product markets c. Resource markets d. Business firms