For a firm selling its product in an imperfectly competitive market, the marginal revenue product of labor can be found by:
A. adding marginal product to total product as one more unit of labor is employed.
B. adding marginal revenue to total product as one more unit of labor is employed.
C. multiplying marginal product by product price.
D. multiplying marginal product by marginal revenue.
Answer: D
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The money supply known as M2:
a. includes large denomination time deposits. b. excludes interest-earning checking accounts in savings and loans. c. does not include money market mutual accounts. d. includes savings accounts and small denomination time deposits. e. includes large denomination repurchase agreements.
Complementary goods
a. are usually used in conjunction with each other b. are usually used in place of one another c. do not adhere to the law of demand d. are goods whose demand rises as incomes rise e. are goods whose demand falls as wealth falls
Microeconomic substitution is impossible for the economy as a whole because
a. money is a veil. b. real GDP measures the total quantity of goods and services produced by all firms in all markets. c. the prices of some goods and services adjust sluggishly in response to changing economic conditions. d. a lower price level increases real wealth, which stimulates spending by consumers and vice-versa.
A business produced $10 million of goods in 2007 but sold only $9 million. Is the $1 million increase in inventory counted as part of the 2007 gross domestic product?
What will be an ideal response?