Joe manages a company that produces lawn mowers. Joe knows that the value of marginal product
A) decreases as he hires more labor to produce lawn mowers.
B) does not change as he sells more lawn mowers.
C) increases as he hires more labor to produce lawn mowers.
D) increases as he sells more lawn mowers.
A
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Jerry is studying three nights per week and his grade point average is 3.1. He wants a higher GPA and decides to study an extra night each week. His GPA now rises to 3.5
Had Jerry not decided to study an extra night, he would have spent this night with his friends. What is Jerry's marginal benefit from studying for one additional night a week? What is his marginal cost of increasing the study time by one night per week? Why does Jerry decide to study an extra night?
If the Fed orders an expansionary monetary policy, describe what will happen to the following variables relative to what would have happened without the policy:
a. The money supply b. Interest rates c. Investment d. Consumption e. Net Exports f. The aggregate demand curve g. Real GDP h. The price level
The most widely used measure of the unemployment rate is found by the
A. U.S. Census Bureau in monthly surveys that examine whether people are working or are willing to work. B. U.S. Department of Labor in surveys of businesses to determine the number of employees as a percentage of the total labor force. C. U.S. Census Bureau in its census of the population every 10 years. D. Council of Economic Advisers, which summarizes its nationwide surveys in its yearly report to the president.
If an economy begins to use its resources more efficiently, it will move
A. from one point to another point along its ppf. B. closer to its ppf. C. from a point along its ppf to a point outside its ppf. D. farther away from its ppf.