Firms hire labor at the point where the
A) nominal wage rate equals the marginal product of labor.
B) real wage rate equals the marginal revenue product of labor.
C) nominal wage rate equals the marginal revenue product of labor.
D) real wage rate equals the marginal revenue product of capital.
C
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The VMP is the Value of Marginal Product.
A. True B. False C. Uncertain
The more restrictions an airline puts on tickets, the ______.
a. more expensive they are b. cheaper they are c. more competition there is for them d. easier it is to sell them
As the terms of trade approach the domestic opportunity costs of a product, a country will experience:
A. Smaller gains from trade. B. Greater comparative advantage from trade. C. Greater absolute advantage from trade. D. Greater balance-of-trade surpluses.
Public choice economists use models that focus on economic incentives as applied to politicians.
Answer the following statement true (T) or false (F)