Private spending on tools, plant, and equipment used to produce future output
What will be an ideal response?
investment
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Which of the following is NOT a supervisory function?
a. marketing b. planning c. staffing d. organizing
Figure 17.1 depicts a firm's marginal revenue product curve. If the product price is $2, what is the marginal product of the 30th hour of labor?
A. 5 units B. 6 units C. 7 units D. 8 units
Activists believe that
a. discretionary changes in macroeconomic policy can help smooth the ups and downs of the business cycle. b. balancing the federal budget is of primary importance to economic stability. c. the economy's self-correcting mechanism, if not stifled by perverse policies, will prevent prolonged periods of high unemployment. d. the M1 money supply should be increased at a steady annual rate.
When a monopolist increases the amount of output that it produces and sells, the price of its output
a. stays the same. b. increases. c. decreases. d. may increase or decrease depending on the price elasticity of demand.