For a perfectly competitive firm, the value of marginal product diminishes as employment increases because the
A) price falls as the firm's production increases.
B) marginal revenue decreases as the firm's production increases.
C) marginal product decreases as the firm's production increases.
D) None of the above answers is correct.
C
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A consumer has a monthly income of $100 that he wants to spend on two goods: rugs priced at $10 and chairs priced at $5
What is the consumer's opportunity cost of buying a rug? What is his opportunity cost of buying a chair? Use a table to represent the consumer's budget constraint.
Based on the above table, if the current price level is 100 and the unemployment rate is 4 percent, then the
A) expected inflation rate is 8 percent. B) inflation rate is 2.8 percent. C) expected inflation rate is 2.8 percent. D) inflation rate is 8 percent. E) inflation rate is 108 percent.
You decide to spend Thanksgiving with your grandparents instead of going to Las Vegas with 20 of your closest friends. Losing the chance to be with your friends is the ________ cost of spending Thanksgiving with your grandparents
A) explicit B) implicit C) deferred D) accrued
The Taylor rule accurately predicted the changes in the federal funds target during the period
A) when Alan Greenspan was the chairman of the Federal Reserve Board. B) when Paul Volcker was the chairman of the Federal Reserve Board. C) when William McChesney Martin was the chairman of the Federal Reserve Board. D) when Arthur Burns was the chairman of the Federal Reserve Board.