Which statement is true?
A. Productivity is input per unit of output.
B. The MRP curve for the perfect competitor is steeper than the MRP curve for the imperfect competitor.
C. The firm will hire workers until the wage rate and the Marginal Physical Product (MPP) of the last worker hired are equal.
D. Relative to the U.S. economy, the Chinese economy is more labor intensive and less capital intensive.
D. Relative to the U.S. economy, the Chinese economy is more labor intensive and less capital intensive.
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Suppose the required reserve ratio was 10% and then it increased to 20%. This would
a) result in a drop in the money multiplier from 10 to 5. b) increase the amount of excess reserves available. c) result in an increase in the money multiplier from 5 to 10. d) have no impact on the money multiplier.
In the short run
A) all inputs are variable. B) all firms experience increasing returns to scale. C) some firms experience economies of scale. D) no firm experiences economies of scale.