Refer to the scenario above. The opportunity cost per dollar of value added in the production of Good X by worker 1 is ________
A) $0.50 of value added in the production of Good Y
B) $100 of value added in the production of Good Y
C) $87.50 of value added in the production of Good Y
D) $0.70 of value added in the production of Good Y
A
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A firm finds that it must increase wages to attract extra workers. The firm will hire labor up to the point where the marginal
A. revenue product equals the additional cost of hiring an extra worker. B. revenue product of labor is greater than the wage rate. C. product of labor equals the wage rate. D. revenue product of labor starts to decline.
If the Fed is concerned about a possible recession, it ________ the federal funds rate, which ________ the quantity of money and ________ the amount of bank loans
A) raises; decreases; decreases B) lowers; decreases; decreases C) lowers; increases; decreases D) raises; increases; increases E) lowers; increases; increases
A local government would not be efficient in providing which of the following services?
A. International aid B. Police protection C. Fire protection D. Roads
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflagnation. C. stagnatory growth. D. inflationary stagnation.