The quantity of labor supplied is determined by the:
A. opportunity cost of providing labor.
B. marginal product of labor.
C. number of firms.
D. technology.
Answer: A
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Equilibrium GDP is equal to
A) autonomous expenditure times the multiplier. B) autonomous expenditure times the marginal propensity to consume. C) autonomous expenditure times the marginal propensity to save. D) autonomous expenditure.
For the period 1915 to 2005, educational improvements in the U.S. labor force contributed what percentage of real per-capita GDP growth?
A) 0.01 B) 15 C) 317 D) 34
The above figure shows a graph of the market for pizzas in a large town. As a result of concern over the affordability of pizza, the government restricts sellers from charging a price over $7. As a result, the quantity of pizzas consumed will
A) increase. B) decrease. C) remain unchanged. D) be indeterminable.
Why should a perfect competitor produce at which price equals marginal cost?
What will be an ideal response?