A firm can sell as many units of its output as it wants for $10 a piece. The current market wage rate for its workers is $20 per hour. It follows that the firm will hire workers up to the point where the last worker hired produces how much per hour?
a. one unit.
b. two units.
c. one-half a unit.
d. 200 units.
c. one-half a unit.
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Refer to Table 18.1. The opportunity cost of a glove in Panama is
A) 1/8 of a hat. B) 3/4 of a hat. C) 4/3 hats. D) 8 hats.
Wichita is building a convention center and financing it with revenues raised from a city hotel tax. Local politicians assert that the convention center is essentially free for Wichita residents because out-of-town visitors are paying for it
Someone who is practicing the economic way of thinking would disagree because A) they believe that Wichita does not need a new convention center. B) there are other projects that could be undertaken with the tax funds. C) the convention center may not pass a marginal cost-benefit test. D) the hotel tax may lead to a decline in visits to Wichita. E) the hotel tax may reduce commercial property values in the area.
Inflation-targeting means that the central bank is legally required to focus only on keeping inflation high
a. True b. False Indicate whether the statement is true or false
Expansionary fiscal policy:
What will be an ideal response?