If $1 was equivalent to 120 Japanese yen in 2008 and 125 Japanese yen in 2010, it implies in 2010, there was:
a. a depreciation of the dollar against the yen.
b. a depreciation of the yen against the dollar.
c. an appreciation of the yen against the dollar.
d. no change in the value of yen, but the dollar had weakened.
e. no change in the value of dollar, but the yen had strengthened.
b
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Suppose the aggregate production function is represented by the following: Y = AN. Given this information, labor productivity is given by
A) Y. B) N/A. C) A/N. D) A. E) none of the above
If the marginal resource cost of the tenth worker hired by a firm is $4 and the wage of the tenth worker is $3, the firm will hire ten workers if the marginal revenue product of the tenth worker is
a. $3 b. less than $3 c. greater than or equal to $3 d. greater than or equal to $4 e. less than $4