The least amount of money that a player will accept to play for a team is called the player's
A. marginal revenue product.
B. minimum wage.
C. reservation wage.
D. average compensation.
Answer: C
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Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year
Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost? Briefly explain your answers.
When demand for goods and services is high, firms are more likely to hire more workers
a. True b. False Indicate whether the statement is true or false
Rent control may lead to lower rents for those who find housing, but the quality of the housing may also be lower
a. True b. False Indicate whether the statement is true or false
Which of the following would not explain why the aggregate demand curve slopes downward?
a) A higher price level increases real wealth, which stimulates spending on consumption. b) A lower price level reduces the interest rate, which encourages greater spending on investment goods. c) A lower price level causes U.S. interest rates to fall, the real value of the dollar to decline in foreign exchange markets, and U.S. net exports to rise. d) A higher price level lowers the real value of money and makes consumers poorer, which in turn encourages them to spend less.