To maximize its profit, a firm will hire more workers as long as
A) marginal revenue exceeds the wage rate.
B) marginal revenue is less than the wage rate.
C) value of marginal product exceeds the wage rate.
D) marginal product exceeds the wage rate.
C
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The slope of the aggregate supply curve shows that, all else the same, the
A) quantity of real GDP supplied increases as the price level increases. B) price level remains constant as potential GDP increases. C) price level remains constant as real GDP increases. D) quantity of real GDP supplied remains constant as the price level increases. E) quantity of real GDP supplied decreases as the price level increases.
Fractional reserve banking
(a) destroys money. (b) requires banks to engage in 100 percent of total banking activities. (c) allows banks to create money while requiring them only to hold a fraction of money. (d) all of the above.