The marginal revenue product curve for labor is the demand curve for labor.
Answer the following statement true (T) or false (F)
True
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Economic depreciation is the
A) firm's opportunity cost of using its own capital. B) change in the market value of capital over a given period. C) return that an entrepreneur can expect to receive on average. D) forgone return on the funds used to buy capital.
New classical economists believe that government intervention is _____________.
Fill in the blank(s) with the appropriate word(s).
Consider a firm that operates in a perfectly competitive market. The firm is producing at its profit maximizing output level. If this is true, then a. average revenue is maximized
b. the firm must be earning a positive economic profit. c. marginal revenue is greater than the market price. d. price must be equal to marginal cost.
Answer the following statement(s) true (T) or false (F)
1. Falling real GDP per capita can bring on unemployment, bankruptcies, and many other human hardships. 2. With nonmarket transactions, no money is exchanged. 3. The underground economy is excluded from the GDP because it goes unreported to the government. 4. If people start taking more three-day weekends, GDP and people’ s economic well- being will necessarily drop. 5. The GDP often reflects important changes in the improvements in the quality of goods.