The total amount of consumption of a society can be increased if
a. firms allow each worker to perform multiple tasks.
b. resources are allocated by a central planning group.
c. individuals engage in specialization and voluntary trade.
d. barter exchange is used in place of money.
c
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If a product's price increases, then its:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MP will decrease.
Which of these countries' growth rates of real GDP per person have exceeded the United States' growth rate of real GDP per person over the last century?
a. Canada and China b. China and India c. Germany and India d. Germany and Pakistan
f the dollar appreciates relative to the Yen, it can be said that
What will be an ideal response?
Refer to Figure 11-1. If the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would
A) never intersect the horizontal axis.
B) intersect the horizontal axis at a point between the 5th and 6th unit of labor.
C) intersect the horizontal axis at a point between the 6th and 7th unit of labor.
D) intersect the horizontal axis at a point somewhere beyond the 8th unit of labor