The labor demand curve is
A. determined completely by the firm's technology.
B. composed of the peaks of isoprofit curves.
C. derived completely by the price of the firm's good.
D. upward sloping.
E. the same as the marginal cost curve.
Answer: B
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The difference between zero accounting profit and zero economic profit is that
A. an economic profit of zero indicates a fair rate of return because it includes the opportunity cost of a firm’s capital. B. an economic profit of zero indicates an unacceptable rate of return because it does not include the opportunity cost of a firm’s capital. C. an economic profit of zero indicates more than a fair rate of return because it includes opportunity cost and explicit cost. D. an accounting profit of zero indicates a fair rate of return because it includes the opportunity cost of a firm’s capital.
The rule of 70 estimates how long it will take a country to double its real GDP per capita by:
A. dividing the average growth rate by 70. B. dividing 70 by the average growth rate. C. dividing the current real GDP per capita by 70. D. multiplying the average growth rate by 70 percent.
Historical note concerning U.S. price levels: During the 1970s, with the onslaught of OPEC oil price increases
a. inflation occurred and it was primarily cost-push b. inflation was approximately zero because the Vietnam war ended and the demand for military goods fell dramatically c. deflation was persistent d. inflation occurred and it was primarily demand-pull e. stagflation, the difference between inflation and deflation, was approximately zero
According to the equation of exchange, the total amount of funds spent on final ______ is equal to the total amount of funds received for the final ______.
a. output; input. b. output; output. c. input; output d. input; input