The above table shows a short-run production function for Albert's Pretzels. The marginal product of labor
A) rises then falls as the amount of capital increases.
B) falls then rises as the amount of labor increases.
C) is greater than or equal to the average product of labor for all amounts of labor.
D) is less than or equal to the average product of labor for all amounts of labor.
D
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Refer to Table 10-1. If Keegan can drink all the bubble tea he wants for free, how many glasses will he consume?
A) 4 glasses B) 5 glasses C) 6 glasses D) 7 glasses
Oscar consumes only two goods, X and Y. Assume that Oscar is not at a corner solution, but he is maximizing utility. Which of the following is NOT necessarily true?
A) MRSxy = Px/Py. B) MUx/MUy = Px/Py. C) Px/Py = money income. D) Px/Py = slope of the indifference curve at the optimal choice. E) MUx/Px = MUy/Py.
The earliest and simplest form of international business is _____.
a. mercantilism b. government c. trade d. tariffs e. none of the above
A production possibilities curve graphically represents the maximum quantities of two products produced when all resources in the economy are being used efficiently. If an economy operates at a point inside its production possibilities curve,
a. it lacks the resources necessary to produce at full employment. b. it is utilizing some resources inefficiently. c. it does not confront the problem of scarce goods relative to unlimited wants. d. it does not exist in the real world since it is impossible for an economy to operate inside its production possibilities curve.