If a firm could hire all the workers it wanted at a zero wage (i.e., the workers are volunteers), the firm should hire
A. Enough workers to produce the output where diminishing returns begin.
B. All the workers that can fit into the factory.
C. Enough workers to produce the output where worker productivity is the highest.
D. Enough workers to produce where the MPP equals zero.
Answer: D
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Without an accepted medium of exchange
A) people would have to rely on gold or silver in order to exchange goods and services. B) goods and services would be exchanged by barter. C) prices are very difficult to determine. D) there would be no trade.
If smartwatches are considered substitutes for smartphones, the increase in the price of smartwatches would, all else equal,
A) increase the demand for smartphones. B) decrease the demand for smartphones. C) decrease the quantity of smartphones demanded. D) increase the quantity of smartphones demanded.
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,000 pounds of pecans are sold
A) marginal benefit is equal to marginal cost. B) consumer surplus equals zero. C) the deadweight loss is equal to $12,000. D) the marginal benefit of each of the 4,000 pounds of pecans equals $3.
What percentage of bank assets were in loans in 2012?
A) 8% B) 20% C) 37% D) 60%