Suppose the output of a firm hiring workers in a competitive labor market increases by three units when an additional worker is hired. This firm will hire more laborers if the market price of its product is $4 and the wage rate is $9 . [Hint: Marginal revenue product of a resource is equal to the product of marginal product of the resource and the marginal revenue of the firm.]

The first formal acknowledgement of the primary macroeconomic goals of price stability, high employment, and promoting economic growth in the United States came with passage of the: a. Federal Reserve Act of 1913

b. the Sherman Antitrust Act of 1890. c. the Social Security Act of 1935. d. the Employment Act of 1946.

Which is the most important form of business organization in terms of total sales?

a. Sole proprietorship b. Corporation c. Partnership d. Cooperative