A competitive firm hires labour until the marginal product of labour equals the:
A. real wage.
B. rental price of capital.
C. price of output.
D. capital/labour ratio.
Ans: A. real wage.
Economics
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Political corruption occurs in the following instances, except when:
A. Government officials use their powers for personal gain B. People pay a government official to do what he should be doing C. People pay a bureaucrat to do something that he should not be doing D. Businesses pay property taxes and license fees
Economics
Explain the basic structure of the Federal Reserve System and how it makes major policy decisions.
What will be an ideal response?
Economics