Which of the following countries had an unemployment rate in excess of 20% as of late 2012?
A) Ireland
B) Spain
C) Portugal
D) Italy
B
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If a firm has monopoly power in the market for its output, the marginal revenue product of labor
a. is no different than for a competitive firm. b. is less for each unit of labor than for a competitive firm. c. continuously slopes upward instead of turning downward. d. is greater for each unit of labor than for a competitive firm.
In a closed economy, aggregate demand is the sum of
A) consumer expenditure, actual investment spending, and government spending. B) consumer expenditure, planned investment spending, and government spending. C) consumer expenditure, actual investment spending, government spending, and net exports. D) consumer expenditure, planned investment spending, government spending, and net exports.
Suppose you were competing in a sealed-bid, second-price auction for a Vermeer painting, which you happen to value at $100,000 . What bid should you submit?
a. Exactly $100,000 b. Somewhat lower than $100,000 depending on the number of other bidders c. Somewhat higher than $100,000 depending on the number of other bidders d. Cannot say which of a, b, or c is right without further information
Consumers should allocate their income so that the marginal utility associated with the:
a. first dollar spent is equal for all goods. b. last dollar spent is equal for all goods. c. last dollar spent is lower for high-priced items than for low-priced items. d. first dollar spent is greater for high-priced items than for low-priced items. e. first dollar spent is less for high-priced items than for low-priced items.