If the growth rate of resources is 2 percent and per capita real output is growing at 4 percent, then total factor productivity has fallen by 4 percent
a. True
b. False
Indicate whether the statement is true or false
False
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Marginal utility is equal to
A. total utility multiplied by quantity consumed. B. change in total utility multiplied by change in quantity consumed. C. change in total utility divided by change in quantity consumed. D. total utility divided by quantity consumed.
In the United States, the ________ has the official responsibility for foreign exchange intervention
A) State Department B) International Trade Commission C) Department of Commerce D) Treasury Department
In the mathematical formulation of the short-run production function:
A) the quantity of output is usually assumed to be fixed. B) the quantity of capital employed is usually assumed to be fixed. C) the quantity of both labor and capital employed are usually assumed to be fixed. D) the quantity of both labor and capital must be allowed to vary so that output can vary in the short run.
A firm sees its marginal revenue increase by $20 and marginal cost increase by $15 when it produces its 1000th product. This implies
a. the production of the 1000th unit of output increases the firm's profit by $5. b. The firm is past its profit maximizing output c. We cannot say much on the profitability of the firm d. Producing the 1000th item will in fact decrease the overall firm's profits.