The federal government began officially measuring poverty in the

Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If the last worker hired increases output by three units per hour, then to maximize profits the firm should

A) hire additional workers. B) not change the number of workers it currently hires. C) lay off some of its workers. D) There is not enough information to answer the question.

When national output rises, the economy is said to be in

A) an expansion. B) a deflation. C) an inflation. D) a recession.