If the prices of cars doubled, the MRP schedule for autoworkers would
A. rise.
B. fall.
C. stay about the same.
B. fall.
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
What's a direct long-run effect of imposing rent controls on apartments?
A) A rise in demand for rent controlled apartments B) A fall in demand for rent controlled apartments C) A fall in the supply of rent controlled apartments D) A rise in the supply of rent controlled apartments
Potential GDP is defined as
A) the amount of GDP produced if there is no structural unemployment. B) the level of GDP attained when all firms are producing at capacity. C) the maximum of GDP that the economy can produce. D) the amount of GDP produced if there is no frictional unemployment.
Doubling the future value will cause:
A. the interest rate, i, to double. B. the present value to fall by half. C. the present value to double. D. no change to present value, only the interest rate.