(a) Fill in Table. (b) Is the firm a perfect or an imperfect competitor? Explain. (c) If the wage rate were $115, how many workers would be hired? How much would the total wage bill come to? (d) If the wage rate were $60, how many workers would be hired? How much would the total wage bill come to? (e) How many workers would be hired if the wage rate were $16? (f) How many workers would the firm want to hire if the wage rate were $0?
(b) The firm is an imperfect competitor because price declines as inputs are increased.
(c) 3; $345
(d) 4; $240
(e) 6; $96
(f)
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Conscription is a more advantageous way to obtain military personnel when _____
a. expenditures on welfare are low b. the conscripted are paid the same as a volunteer army c. the army is large relative to the size of the civilian population d. the country is a dictatorship
The asset demand for money is
A) greater at high interest rates as investors can earn more on their investments. B) greater at low interest rates, because the opportunity cost of holding money is low. C) greater at low interest rates, because the opportunity cost of holding money is high. D) lower at low interest rates, because the opportunity cost of holding money is high.
If input prices adjusted just as quickly as output prices, the profit effect leading to an increase in RGDP supplied would disappear
a. True b. False Indicate whether the statement is true or false
Frictional unemployment best defined as
A. Deviation of unemployment from its natural rate B. Unemployment of people who do not want to work. C. Chronic unemployment due to wages not balancing supply and demand D. Unemployment due to individuals search for new job.