The optimal number of workers for a perfectly competitive firm to hire occurs when
A. diminishing marginal productivity is first experienced.
B. the wage rate equals the marginal product of the last worker.
C. the wage rate equals the value of marginal product of the last worker.
D. total labor cost equals total revenue.
Answer: C
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Economists use GDP to determine
A) the economic performance of a country over time. B) the well-being of a country's citizens. C) the financial stability of a nation. D) the overall money supply within a nation. E) all of the above.
A farm is able to produce 5,000 bushels of peaches per season on 100 acres. Assume it adds one more acre and is able to produce 6,000 bushels per season. The marginal product of the additional acre of land for this farm is:
A. 6,000 bushels per acre per year. B. 5,000 bushels per acre per year. C. 1,000 bushels per acre per year. D. 11,000 bushels per acre per year.
Which of the following is NOT one of a group of variables that make up the Index of Leading Indicators?
A. New building permits issued B. The unemployment rate C. Index of stock prices D. The money supply
Disintermediation is a problem associated with a banking crisis
Indicate whether the statement is true or false