Figure 17.2 depicts a firm's marginal revenue product curve. If the wage rate is $15, how many workers will the firm demand?
A. four workers
B. five workers
C. six workers
D. seven workers
Answer: B
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Economists assume that rational behavior is useful in explaining choices people make
A) because irrational people do not make economic choices. B) because individuals act rationally all the time in all circumstances. C) even though people rarely, if ever, behave in a rational manner. D) even though people may not behave rationally all the time.
With a 10% reserve requirement ratio, a $100 deposit into New Bank means that the maximum amount New Bank could lend is
A) $90. B) $100. C) $10. D) $110.
When differences between nominal GDP and real GDP result due to price changes and nothing else is compared, an index is created called the:
A. inflation index. B. consumer price index. C. GDP deflator. D. index of leading indicators.
Over time, a country's real GDP per capita typically:
A. shrinks B. grows. C. remains stable. D. increases and decreases randomly.