Compare a property rights system in which people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds. We should expect harder work under the __________ system and less risk taking under the __________ system

Suppose that the consumer price index (CPI) was 160 in 2010 and 166 in 2011, inflation during 2011 was

a. zero; prices were stable. b. 3.8 percent. c. 6 percent. d. 66 percent.

In the employment of any resource, a firm should

A. hire each input unit that adds more to revenue than it adds to costs. B. equate marginal revenue product with the cost of the additional resource. C. hire until MRP equals MFC. D. All of these are correct.