A monopoly will maximize profits at the level of output at which
A) MR = MC.
B) MR = AFC.
C) MC = ATC.
D) MC = P.
Answer: A
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The average hourly wage (excluding benefits) in the United States is currently around
A. $7.25 B. $15.50 C. $20.00 D. $26.00
The farmer pays 20 cents for the seed that is sold to the miller for 35 cents; the miller makes flour and sells it to the baker for 55 cents. The baker makes bread and sells it to the grocery store for 80 cents and the store sells it to consumers for $1.00. The contribution to Gross Domestic Product (GDP) is
a. $1 b. $2 c. $3 d. $4
The Ricardo-Barro effect is based on the idea that ________ when the government has a budget deficit
A) investment demand increases because expected future profits increase B) people decrease their private saving C) investment demand decreases because of the higher real interest rate D) people immediately increase their tax payments E) people increase their private saving
Labor productivity depends on the
a. the effectiveness of government b. the availability of technology c. the proportion of the labor force that is unionized d. the size of the economy e. All of the answers are correct