Given the following table, how many workers should be hired to maximize profits?LaborMarginal Product LaborVMPLWage18$32$100232$128$100316$64$1004-1$-4$1005-12$-48$100
A. 1
B. 2
C. 3
D. 4
Answer: B
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Ted and Alice want to make sure that their children will inherit lots of money when they die, so that their children do not have to struggle the way they themselves did. Saving more in response to this is a______ reason for saving.
A. precautionary B. life-cycle C. bequest D. private
Suppose Congress increased spending by $100 billion and raised taxes by $100 billion to keep the budget balanced. What will happen to real equilibrium GDP?
A) There will be no change in real equilibrium GDP. B) Real equilibrium GDP will fall. C) Real equilibrium GDP will rise. D) Real equilibrium GDP will initially rise, but then fall below its previous equilibrium value.
Gross federal debt held by the public is equal to
A) total gross federal debt. B) the federal debt held by the Fed minus the federal debt held by other countries. C) the federal debt held by other countries plus the federal debt held by private investors. D) the federal debt held by the Fed plus the federal debt held by private investors.
According to purchasing-power parity, if the price of a basket of goods in the U.S. rose from $1,500 to $2,000 and the price of the same basket of goods rose from 600 units of some other country's currency to 1,000 units of that country's currency, then the
a. nominal exchange rate would appreciate. b. nominal exchange rate would depreciate. c. real exchange rate would appreciate. d. real exchange rate would depreciate.