Collusion of firms is legal in the United States
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the marginal product is maximized when the 10th worker is hired. Then the marginal cost value is minimized when
A. 10 workers are hired. B. more than 10 workers are hired. C. fewer than 10 workers are hired. D. an unknown number of workers are hired. Marginal cost is independent of marginal product.
To be effective in raising people's wages, a minimum wage must be set
A) above the equilibrium wage rate. B) below the equilibrium wage rate. C) equal to the equilibrium wage rate. D) below $7. E) either above or below the equilibrium wage depending on whether the supply curve of labor shifts rightward or leftward in response to the minimum wage.
The impact of the multiplier effect is to:
a. smooth out the up and down swings of the business cycle. b. promote price stability. c. magnify small changes in spending into much larger changes in real GDP. d. reduce the impact of an increase in investment on output and employment.
Most of the Fed's assets are held in the form of loans to its member banks
a. True b. False Indicate whether the statement is true or false