Assume that the quantities of other resources employed by the firm remain constant.Quantity of Resource Y EmployedMarginal Product of YProduct Price0-- 144$2.002421.903361.804321.705241.606141.50721.40How many units of resource Y would the firm employ at a price of $50 per unit of Y?
A. 2
B. 3
C. 4
D. 5
Answer: C
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Your father tells you he earned $1.50 per hour when he was 16 in 1969 . Given that the CPI was 36.0 in 1969 and 215 in 2008, how much would you have to earn in 2008 in order to have the same real wage as your father in 1969?
a. $1.50 b. $5.00 c. $8.95 d. $15.00
Which of the following statements is true?
A. The average farm has gone from 500 acres in the 19th century to 100 acres today. B. The Freedom to Farm Act of 1996 ended government payments to farmers. C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing. D. About 20 million people live on farms today.
Statistical studies indicate that the liquidity trap
A) occurs during most recessions. B) occurs during inflationary periods. C) occurred only during the Great Depression. D) has not occurred.
In the monetary intertemporal model, the long-run effects of an increase in the growth rate of money include
A) an increase in output and an increase in the real wage. B) an increase in output and a decrease in the real wage. C) a decrease in output and an increase in the real wage. D) a decrease in output and a decrease in the real wage.