The Average Product of Labor is
A) the change in total product resulting from an extra unit of labor, holding other factors constant.
B) the ratio of output to the number of workers used to produce that output.
C) the amount of output that can be produced by a given amount of labor.
D) equal to the marginal product of labor when the average product is increasing.
B
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The euro floats against other currencies, but the member nations of the euro have no separate national money. For this reason, Spain, that uses the euro as its currency is listed under the managed float arrangement
a. True b. False Indicate whether the statement is true or false
Samuelson and Solow reasoned that when aggregate demand was low, unemployment was
a. high, so there was upward pressure on wages and prices. b. high, so there was downward pressure on wages and prices. c. low, so there was upward pressure on wages and prices. d. low, so there was downward pressure on wages and prices.
Government means tested programs ________ the overall poverty rate.
A. substantially decrease B. have not changed C. lead to an increase in D. drop to zero
A black market may occur when
A. the government imposes a price ceiling above the market clearing price. B. the government does not impose either a price ceiling or a price floor. C. the government imposes a price floor below the market clearing price. D. the government imposes a price ceiling below the market clearing price.