A profitminusmaximizing firm will pay a worker: A. the revenue that it earns by
ID: 1211786 • Letter: A
Question
A profitminusmaximizing firm will pay a worker:
A. the revenue that it earns by selling one unit of the product.
B. the value of the worker's marginal product.
C. more than the value of the average revenue of the firm.
D. less than the value of the worker's marginal product.
Which of the following rises during a recession?
A.
Gross Domestic Product
B.
Unemployment
C.
Consumption
D.
Investment
To carry out an optimization analysis:
A.
all costs are required to be converted to the same unit of measurement.
B.
different types of costs are measured in different units.
C.
only direct costs incurred in a project are to be estimated.
D.
only indirect costs incurred in a project are to be estimated.
Which of the following is likely to happen if the Fed conducts a contractionary monetary policy?
A.
The nominal interest rate will decrease.
B.
The stock of money in the economy will decrease.
C.
Banks will make more loans.
D.
Labor demand will increase.
If project A has a cost of $2, and provides a benefit of $3, and project B has a cost of $5 and provides a benefit of $8, which of the following statements is true?
A.
A shift from project A to project B increases the net benefit by $1.
B.
An individual can optimize by choosing Project B.
C.
Project A has a higher net benefit than project B.
D.
The net benefit of project A is $5.
Which of the following is likely to happen if the government decides to impose a tariff?
A.
The revenue earned by the government will decrease.
B.
The domestic industry will earn higher profits.
C.
Domestic producers will face higher foreign competition.
D.
Domestic consumers will be better off.
________ emphasize(s) that changes in prices and interest rates are the main reasons behind fluctuations in the economy.
A.
The real business cycle theory
B.
Keynesian theory
C.
Ricardian theory
D.
Monetary theories
Contractionary fiscal policy leads to a ________.
A.
leftward shift of the labor supply curve
B.
rightward shift of the labor supply curve
C.
leftward shift of the labor demand curve
D.
rightward shift of the labor demand curve
Assume that a worker in a technology firm can produce 3 circuit boards in an hour. Due to subsequent innovation, he is now able to produce 6 circuit boards per hour.
Other things remaining constant, the firm's supply curve is likely to:
A.
become steeper.
B.
shift to the right.
C.
remain unchanged.
D.
shift to the left.
A country has a current account deficit of
minus$100
billion. This implies that ________.
A.
net transfers from abroad is positive
B.
payments to foreigners exceed payments received from foreigners
C.
net factor payments from abroad is positive
D.
its exports exceed its imports by $100 billion
When the credit demand curve is relatively flat:
A.
the quantity of credit demanded is not responsive to changes in the taxation rates.
B.
the quantity of credit demanded is relatively sensitive to changes in the real interest rates.
C.
the quantity of credit demanded is relatively sensitive to changes in the taxation rates.
D.
the quantity of credit demanded is not responsive to changes in the real interest rate.
When an asset is traded for goods and services it is serving the function of a ________.
A.
store of value
B.
medium of exchange
C.
loanable fund
D.
unit of account
A machinery used in a factory is a(n) ________ good.
A.
public
B.
club
C.
capital
D.
inferior
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________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is
produced.
A.
Nominal gross domestic product
B.
Gross national product
C.
Real gross domestic product
D.
Total product
Which of the following is a role played by the Fed in the U.S. economy?
A.
It takes political decisions during periods of recessions.
B.
It acts as a direct source of funds for new businesses and startups.
C.
It determines the import duty on raw materials being imported into the country.
D.
It acts as a lender of the last resort in case of bank runs.
If the population of a country increases, while GDP remaining constant, then ________.
A.
income per capita will remain unchanged
B.
trade deficit will decrease
C.
gross national product will increase
D.
income per capita will decrease
The two key objectives of the Fed are:
A.
low and predictable levels of inflation, and maximum levels of employment.
B.
zero inflation, and zero unemployment.
C.
low and predictable levels of inflation, and interest rates above 10%.
D.
low and predictable levels of inflation, and zero unemployment.
Ask My Instructor +Explanation / Answer
1. A profitminusmaximizing firm will pay a worker:
B. the value of the worker's marginal product.
2. Which of the following rises during a recession?
B.Unemployment
3. To carry out an optimization analysis:
A. all costs are required to be converted to the same unit of measurement.
B. different types of costs are measured in different units.
C. only direct costs incurred in a project are to be estimated.
D. only indirect costs incurred in a project are to be estimated.
4. Which of the following is likely to happen if the Fed conducts a contractionary monetary policy?
B. The stock of money in the economy will decrease.
5. If project A has a cost of $2, and provides a benefit of $3, and project B has a cost of $5 and provides a benefit of $8, which of the following statements is true?
A.A shift from project A to project B increases the net benefit by $1.
B.An individual can optimize by choosing Project B.
C.Project A has a higher net benefit than project B.
D.The net benefit of project A is $5.
6. Which of the following is likely to happen if the government decides to impose a tariff?
B.The domestic industry will earn higher profits.
7. ________ emphasize(s) that changes in prices and interest rates are the main reasons behind fluctuations in the economy.
B.Keynesian theory
Contractionary fiscal policy leads to a ________
C.leftward shift of the labor demand curve
8. Assume that a worker in a technology firm can produce 3 circuit boards in an hour. Due to subsequent innovation, he is now able to produce 6 circuit boards per hour.
Other things remaining constant, the firm's supply curve is likely to:
B.shift to the right.
9. A country has a current account deficit of minus$100billion. This implies that ________.
B.payments to foreigners exceed payments received from foreigners
10. When the credit demand curve is relatively flat:
B.the quantity of credit demanded is relatively sensitive to changes in the real interest rates.
11. When an asset is traded for goods and services it is serving the function of a ________.
A.store of value
A machinery used in a factory is a(n) ________ good.
C.capital
12. ________ is the total value of final goods and services produced within the borders of a country, using market prices from a specific base year to determine the value of each unit that is
produced.
C.Real gross domestic product
13. Which of the following is a role played by the Fed in the U.S. economy?
D.It acts as a lender of the last resort in case of bank runs.
14. If the population of a country increases, while GDP remaining constant, then ________.
D.income per capita will decrease
15. The two key objectives of the Fed are:
A.low and predictable levels of inflation, and maximum levels of employment.
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