In 1870, the richest country in the world was
a. Germany.
b. Japan
c. the United Kingdom.
d. the United States.
c
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Assuming farmers can plant either corn or soybeans, as U.S. farmers plant more corn to meet rising global demand
A) the opportunity cost of producing corn increases. B) the opportunity cost of producing corn decreases. C) the U.S. PPF for corn and other goods and services shifts outward. D) the United States produces at a point beyond its PPF.
The figure above shows a perfectly competitive firm. The firm is operating; that is, the firm has not shut down. The firm is
A) making an economic profit of $200. B) incurring a economic loss of $200. C) incurring an economic loss of $600. D) making zero economic profit.
A decrease in the required reserve ratio will:
a. reduce commercial bank loans and reduce the money supply. b. increase commercial bank loans and reduce the money supply. c. increase commercial bank loans and increase the money supply. d. decrease commercial bank loans and increase the money supply.
A firm in a competitive industry faces a market price for output of $25 and a wage rate of $750. At the current level of employment (50 units of labor), the marginal product of labor is 20. In order to maximize profit, the firm should
A. keep the level of employment the same because the firm is earning a profit of $500. B. hire less labor because the firm is suffering a loss of $12,500. C. hire more labor because hiring another unit of labor would increase profit by $500. D. hire less labor because hiring the last unit of labor decreased profit by 250.