A firm should hire workers up to the point where
A) MP = P.
B) MFC = P.
C) MFC = MRP.
D) MP = MRP.
Answer: C
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In the short run, a price searcher wishing to maximize profits or minimize losses should produce the output that
a. equates marginal cost with marginal revenue. b. equates marginal cost with price. c. corresponds to the lowest point on the average variable cost curve. d. corresponds to the lowest point on the average total cost curve.
Sonia has a BA in art history, and is currently working full-time as a waitress. The Bureau of Labor Statistics would count Sonia as:
A. underemployed. B. employed. C. unemployed. D. a discouraged worker.
The cost of group health insurance is generally lower than if a person buys an individual policy because
A) it is easier for an insurance company to deny claims from a group policy. B) the problem of adverse selection is reduced. C) insuring a group of people eliminates the problem of policy holders having more information than the insurance company. D) this eliminates the problem of moral hazard.
Which of the following is NOT an asset of the Federal Reserve System?
A) mortgage-backed securities B) reserves of depository institutions C) U.S. government securities D) None of the above are correct because they are all assets of the Federal Reserve.