If the average productivity of labor equals the marginal productivity of labor, then
A) the average productivity of labor is at a maximum.
B) the marginal productivity of labor is at a maximum.
C) Both A and B above.
D) Neither A nor B above.
A
You might also like to view...
The total number of workers in two different countries are equal. However, each worker in Country A is three times more productive than a worker in Country B. Which of the following is true in this case?
A) The capital stock in Country B is three times more than the capital stock in Country A. B) The total efficiency units of labor in Country A is three times more than the total efficiency units of labor in Country B. C) The total efficiency units of labor in Country A is one-third of the total efficiency units of labor in Country B. D) The total efficiency units of labor in Country B is six times more than the total efficiency units of labor in Country B.
In the long run, when an economy experiences inflation, the price level ________ and the nominal interest rate ________
A) rises; falls B) rises; rises C) rises; remains constant D) remains constant; rises E) falls; rises
The period starting around 200 years ago is important in economic history because this is approximately the time when
a. economies started to decline, resulting in lower standards of living. b. money was invented. c. economic growth began in some countries, resulting in sustained improvements in the standard of living. d. the world caught up to the standard of living of ancient Rome.
Assume that the marginal utility from good A is 10 units and that the price of good A is $5 per unit. The marginal utility from good B is 15 units and its unit price is $7. In this situation, a utility-maximizing consumer should
A. consume more of good A. B. consume only good B. C. consume neither good A nor good B. D. consume more of good B.