A firm manager is an agent hired by the:
A. owner to control the production process.
B. workers to control the production process.
C. owner to oversee the workers.
D. workers to consult with the owner.
Answer: A
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Employing an additional 1 billion hours of labor increases real GDP by $12 billion. Employing another 1 billion hours beyond the first 1 billion increases real GDP by $11 billion
Hence we can conclude from this information that as employment increases, real GDP A) increases at an increasing rate. B) decreases at an increasing rate. C) decreases at a decreasing rate. D) increases at a decreasing rate. E) falls from $12 billion to $11 billion as more workers are hired.
Which of the following interest rates is usually the highest?
A. 30-year mortgage rate B. 20-year Treasury bond rate C. Consumer credit-card rate D. Prime rate of banks