In the diagram, total product will be at a maximum at:
A. Q 3 units of labor.
B. Q 2 units of labor.
C. Q 1 units of labor.
D. some point that cannot be determined with the above information.
A. Q 3 units of labor.
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The quantity of money demanded
A) is infinite. B) is directly controlled by the Fed. C) has no opportunity cost. D) is the quantity that balances the benefit of holding an additional dollar of money against the opportunity cost of doing so. E) changes very infrequently.
The substitution bias in the consumer price index refers to the
a. substitution by consumers toward new goods and away from old goods. b. substitution by consumers toward a smaller number of high-quality goods and away from a larger number of low-quality goods. c. substitution by consumers toward goods that have become relatively less expensive and away from goods that have become relatively more expensive. d. substitution of new prices for old prices in the CPI basket of goods and services from one year to the next.
Which statement is correct?
A. Monopolist firms are sheltered from competitive forces and such an environment makes them subject to X-inefficiency. B. Monopolist firms are in industries with low barriers to entry that tend to lower the cost of producing products. C. Competitive firms tend to be more efficient than monopolist firms because they maximize per-unit profits, not total profits. D. Monopolist firms tend to be more internally efficient than competitive firms because they have a single goal of profit maximization.
Assume a small nation has the following statistics: its consumption expenditure is $15 million, investment is $2 million, government purchases of goods and services is $1 million, exports of goods and services to foreigners is $1 million, and imports
of goods and services from foreigners is $1.5 million. Calculate this nation's GDP.