If real GDP is $1,200 billion, the population is 60 million, and aggregate hours are 80 billion, labor productivity is
A) $6.67 an hour.
B) $15.00 an hour.
C) $150 an hour.
D) $5.00 an hour.
E) $20,000.
B
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A rational person maximizes
A) risk. B) return. C) expected utility. D) return variance.
According to the textbook application, GE was ordered to dredge the Hudson River
a. because it illegally dumped chemicals into the river b. even though its release of PCBs into that river was done legally c. under the rulings of RCRA d. none of the above
Which of the following is NOT an antitrust law?
A. the FTC Act B. the Robinson-Patman Act C. the Smoot-Hawley Act D. the Sherman Act
Refer to the above table. Suppose the marginal revenue product of the 5th worker is $800. This implies that
A. the price of the good is $5.33. B. the price of the good is $8. C. the price of the good is $70. D. we cannot tell what the price of the good is without more information.