Tony's Lawn Service uses only one variable input, fertilizer. The firm's demand curve for fertilizer in the short run is the input's
A. marginal product curve.
B. total product curve.
C. total cost curve.
D. marginal revenue product curve.
Answer: D
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By dividing the value of total domestic output (real Gross Domestic Product (GDP)) by the number of workers, economists derive
A) the net domestic product. B) labor productivity. C) the size of the labor force. D) the rate of capital accumulation.
If the Fed increased the discount rate,
a. banks would make more loans b. the money supply would increase c. firms would be more likely to seek out loans d. the required reserve ratio would increase e. banks would make fewer loans
Historical note: Andrew Carnegie became an industrial mogul by consuming or buying out his competition in the _________ industry
a. oil b. steel c. rubber d. lumber e. land
Forests in the United States, starting from the time the colonists arrived,
a. have always expanded. b. have only shrunk in size. c. have changed little. d. shrank as they were logged and cleared for farms, then rebounded, especially in the twentieth century.