Assume the total product of two workers is 160 and the total product of three workers is 180. The three worker's average product is ________ while the third worker's marginal product is ________.
A. 20; 26.67
B. 320; 540
C. 20; 60
D. 60; 20
Answer: D
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Which of the following will result in secular deflation?
A) a one-time rightward shift of the long-run aggregate supply curve B) continuous rightward shifts of the aggregate demand curve C) continuous rightward shifts of the long-run aggregate supply curve D) a one-time rightward shift of the aggregate demand curve
Why might very small plots of land be inefficient? Is it then true that the larger the better?
What will be an ideal response?
The original maturity on U.S. Treasury notes is between
A) three months and one year. B) one and ten years. C) six months and three years. D) ten and thirty years.
Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness