The marginal physical product of labor is not
a. the change in output that results from employing an additional worker
b. the average productivity of each worker employed
c. the marginal contribution to output of each additional worker
d. a measure of the contribution of an additional worker to output
e. usually increasing at an increasing rate for the first units of labor used in production
B
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When Safeway supermarkets in the United States buys strawberries from Mexico
A) it uses dollars to pay Mexican farmers. B) it uses pesos to pay Mexican farmers. C) it may use any currency it chooses. D) the transaction shows up in the U.S. capital account.
Which of the following best explains why a firm in a perfectly competitive market must take the price determined in the market?
a. The short-run average total costs of firms that are price takers will be constant. b. If a price taker increased its price, consumers would buy from other suppliers. c. Firms in a price-taker market will have to advertise in order to increase sales. d. There are no good substitutes for the product supplied by a firm that is a price taker.
Which of the following conditions would prevent price discrimination?
a. an economic profit b. a monopoly market structure c. profit maximization d. the inability to identify those customers willing to pay more e. the ability to prevent low-price customers from reselling to high-price customers
"Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation.". This is an apt quote by
a. J. M. Keynes about the stock market crash b. Alan Greenspan about the Asian markets c. Paul Volcker about runaway inflation d. Franklin Roosevelt about railroad stock speculators e. Bill Clinton about his balanced budget