Suppose that MPL = 200 and MPK = 240. If R = 30, then at which of the following wages would the firm want to hire fewer workers and more capital?
A. W = 23
B. W = 24
C. W = 25
D. W = 26
D. W = 26
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If Country A opens up their corn market to trade with the rest of the world and the global price of corn is higher than the equilibrium price of corn in Country A, then Country A will ________ corn, which will ________ consumer surplus, ________
producer surplus, and ________ total surplus. A) import; increase; decrease; increase B) import; decrease; increase; increase C) export; increase; decrease; increase D) export; decrease; increase; increase E) export; decrease; increase; decrease
Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
Why do we not count the value of intermediate goods and services in gross domestic product? Does the value of intermediate goods and services show up in gross domestic product? If so, how?
What will be an ideal response?
GDP is not a perfect measure of well-being because
A) the value of leisure is included in GDP. B) GDP is adjusted for increases in drug addiction. C) GDP is not adjusted for pollution. D) GDP is adjusted for changes in crime rates.