Assuming a perfectly competitive market implies that households do not need knowledge of qualities and prices of everything available in the market.
Answer the following statement true (T) or false (F)
False
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Denise owns a plant that produces watch parts in Ohio. Denise noticed that when she hired the last worker, that worker's marginal product exceeded the marginal product of the previous worker
As a result, when the last worker was hired, Denise's average product of labor A) decreased. B) increased. C) did not change. D) perhaps changed, but there is not enough information to determine whether or not it did change. E) equals the marginal product of labor.
Which of the following would be included in the total costs of production when an entrepreneur tries to compute her economic profit?
A) Foregone wages B) Foregone interest C) Foregone rent D) All of the above. E) None of the above.
Which of these economic variables is countercyclical?
A) investment spending B) unemployment C) demand for foreign products D) all of the above E) none of the above
Variables that change before real GDP changes are measured by the:
a. personal income index. b. real GDP index. c. forecasting gauge. d. index of leading indicators.