On May 12, 2011, the U.S. dollar was worth 28 Russian rubles. How many U.S. dollars did it take to buy one Russian ruble?

The production function is a relationship between the amount of labor employed and

A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.

A business firm should refuse to sell any item for which it cannot obtain a price at least as large as what

A) it cost the firm to produce the particular item. B) it costs the firm on average to produce the item. C) it would cost the firm to produce another item identical to the item being sold. D) the item will be worth to the firm if not sold.