In general demand curves slope _____ and supply curves slope _____.
A. downward to the right; downward to the right
B. upward to the right; upward to the right
C. downward to the right; upward to the right
D. upward to the right; downward to the right
C. downward to the right; upward to the right
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A competitive employer should hire additional labor as long as
A. the MRP exceeds the wage rate. B. average product exceeds MP. C. the wage rate is less than MP. D. MC exceeds MR.
The opportunity cost of something is the nominal price paid for the product
Indicate whether the statement is true or false
The table above provides information about the marginal private benefit for education
The marginal private cost, which also equals the marginal social cost, of educating a student is $16,000 per year and does not change as more students are educated. There is an external benefit from education that is equal to $12,000 per student year and does not change as more students are educated. What is the efficient amount of education? A) 40,000 student-years B) 60,000 student-years C) 80,000 student-years D) 100,000 student-years
Each Federal Reserve bank has nine directors. Of these ________ are appointed by the member banks and ________ are appointed by the Board of Governors
A) three; six B) four; five C) five; four D) six; three