A profit-maximizing competitive firm will hire workers up to the point at which the wage equals the marginal product of labor
a. True
b. False
Indicate whether the statement is true or false
False
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The possible alternatives for an oligopoly range from the monopoly case with ________ to the perfectly competitive case with ________
A) high output; low output B) low prices; high prices C) low profits; high profits D) low output; high output E) no cooperation among the firms; much cooperation among the firms
A major cause of volatility in the value of the U.S. dollar is ________
A) foreign exchange interventions by the U.S. Treasury B) change in U.S. net exports C) change in the expected value of the dollar D) disagreement among policy makers
If the President and Congress agree to balance the budget during a recession, then the appropriate monetary policy is
a. no change from the current policy. b. reduce the growth of the money supply. c. constant growth of the money supply. d. increase the growth of the money supply.
In 2009, we ran a capital account surplus of $__________ billion.
Fill in the blank(s) with the appropriate word(s).