In the above table, the marginal product is greatest when the
A) first worker is hired.
B) second worker is hired.
C) third worker is hired.
D) fourth worker is hired.
B
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Evidence from a study of the market for baseball players using 1960s data
a. indicated that sports with strong player associations are unlikely to experience wage discrimination. b. suggested that government regulation had eliminated most evidence of wage discrimination. c. found some evidence of consumer-driven wage discrimination. d. found that measurement of marginal productivity was very difficult for baseball players.
What direction of change in velocity could explain the price level increasing by a smaller percentage than the money supply? What would this change in velocity imply about the frequency with which money changes hands?
If the Fed acts to decrease the money supply,
A) it will increase the supply of bonds, drive bond prices up, and drive interest rates down. B) it will increase the demand for bonds, drive bond prices down, and drive interest rates down. C) it will increase the supply of bonds, drive bond prices down, and drive interest rates up. D) it will increase the demand for bonds, drive bond prices up, and drive interest rates down.
Which is not characteristic of a product with relatively inelastic demand?
A. The good is regarded by consumers as a necessity. B. Buyers spend a small percentage of their total income on the product. C. There are a large number of good substitutes for the good. D. Consumers have had only a short time period to adjust to changes in price.