A typical professional National Football League team has three quarterbacks on its roster. What is one reason why they might not have a fourth quarterback?
A) The fourth quarterback's marginal product is approximately zero.
B) The fourth quarterback's marginal product is approximately ten.
C) The fourth quarterback's marginal product is less than the first quarterback's marginal product.
D) There is a law against carrying four quarterbacks on a team.
A
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What will be an ideal response?
In the economic way of thinking, money is
A) the root of all evil. B) what makes the world go round. C) a general medium of exchange. D) an institution, which tends to increase transaction costs. E) the source of scarcity in commercial society.
A curve showing the amount of real output we collectively wish to purchase at various alternative price levels is called the
A. aggregate production function. B. aggregate demand curve. C. Phillips curve. D. aggregate supply curve.
Recall the Application about declining U.S. labor force participation rate since 1999 to answer the following question(s). According to this Application, one explanation for the decline in the U.S. labor force participation rate since 1999 is:
A. the decline in the overall population. B. the increasing number of retiring baby boomers. C. the increase in immigration to the United States. D. the increase in outsourcing by U.S. companies.