Refer to Table 10.2. If the price of output is $2 per unit and the wage rate is $40, how many workers should be hired?
A. six workers
B. five workers
C. four workers
D. three workers
Answer: A
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The basic difference between macroeconomics and microeconomics is:
a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade. b. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms. c. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
Will MPC plus MPS always equal one? Explain why or why not
An example of a monopolistically competitive industry would be:
A. steel. B. soybeans. C. retail clothing. D. electricity.
Accurately incorporating the present consequences of an action, but ignoring or underestimating the future consequences, is a description of present bias.
Answer the following statement true (T) or false (F)