If marginal product rises, then marginal costs rise
Indicate whether the statement is true or false
False
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Assume the population growth rate is 2 percent and the real GDP growth rate is 5 percent. The change in standard of living, as measured by the growth rate in real GDP per person, is
A) 7 percent. B) 2.5 percent. C) 5 percent. D) 3 percent. E) -3 percent.
In setting their prices, price searcher firms ignore
A) demand. B) marginal cost. C) the prices of competitors. D) all of the above. E) none of the above.
Other things constant, if the Fed decreased the discount rate,
a. the earnings of the Fed would increase. b. the incentive of commercial banks to borrow from the Fed would be reduced. c. the prime interest rate would automatically decline. d. commercial banks probably would reduce their excess reserves and be more willing to extend additional loans.
Until the _______, most Americans had an unfavorable opinion of labor unions.
Fill in the blank(s) with the appropriate word(s).