Which of the following is a positive statement?
A. The unemployment rate should never be above 5.8 percent.
B. The unemployment rate should be below 5.8 percent.
C. An unemployment rate of 5.8 percent is too high.
D. The unemployment rate is 5.8 percent.
Answer: D
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Refer to Table 14-8. Which of the following is true?
A) Brawny Juice's dominant strategy is to select a high price. B) Power Fuel does not have a dominant strategy. C) Power Fuel's dominant strategy is to select a low price. D) Brawny Juice does not have a dominant strategy.
Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.
The real rate of interest equals 8%, and the expected rate of inflation equals 2%. The nominal rate of interest is
A) 2%. B) 6%. C) 8%. D) 10%.
Marginal productivity analysis shows that a drop in the price of the product will cause input use to
A. increase. B. decrease. C. stay the same. D. The information is insufficient to provide an answer.