If the additional revenue from hiring an additional worker equals the additional costs from hiring the extra worker, then we know that
A) MFC = MPPL.
B) MFC/MPPL = wage.
C) MFC = MRPL.
D) MRPL/P = MFC.
Answer: C
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Recent forest fires in the western states are expected to cause the price of lumber to rise in the next six months. As a result, we can expect the supply of lumber to
a. fall in six months but not now. b. increase in six months when the price goes up. c. fall now. d. increase now to meet as much demand as possible.
The sale of a used automobile would not be included in the GDP for the current year because it is a:
A. nonmarket transaction. B. public transfer payment. C. noninvestment transaction. D. nonproduction transaction.
Distinguish between and give examples of nonrenewable resources and renewable resources
What will be an ideal response?
If your wages are indexed so that they automatically adjust for inflation, in a period of continued high inflation, the cost of the goods and services you buy ____ and your nominal income ____
a. decreases, decreases b. increases, increases c. decreases, remains the same d. increases, remains the same