Charles Beard (1935) argued that the economic self-interest of businessmen, merchants, manufacturers, bankers and investors led them to convene at the Constitutional Convention in the late 1770s
They believed that creating a new, or at least modified, system of laws would help them advance the projects in which they were interested at minimal cost. Indicate whether the statement is true or false
True
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When the competitive firm's value of the marginal product of labor intersects the market-wage level, the firm:
A. can increase its profits by hiring any amount less than this point. B. can increase its profits by hiring any amount greater than that point. C. should consider shutting down since it is not earning profits. D. has found the profit-maximizing quantity of labor to hire.
An economy is associated with every society because
a. in every society there are workers and owners of firms b. all people enjoy consuming goods c. the law of scarcity is universal d. the circular flow model applies to all societies e. economy and society are synonymous
If M is 4,000, Q is 2,000, and P = 8, then V
A. Is 2. B. Is 3. C. Is 4. D. Is 5.
If two firms use a tit-for-tat scheme to maintain cartel pricing, and one firm chooses a high price in the current time period, then:
A. that firm will also choose a low price in the next time period. B. that firm will also choose a high price in the next time period. C. the other firm will choose a low price in the next time period. D. the other firm will choose a high price in the next time period.