If the number of companies producing memory chips increases, then the
A) quantity of memory chips supplied increases.
B) supply of memory chips does not change.
C) supply of memory chips decreases.
D) demand for memory chips increases.
E) supply of memory chips increases.
E
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Which of the following statements is true of the marginal product of an input?
A) The marginal product of an input is given by the ratio of the firm's total output to the units of the input used. B) The marginal product of an input increases as more and more inputs are used. C) The marginal product of an input can take negative values. D) The marginal product of the first unit of a variable input is zero.
If a consumer prefers Apples to Bananas and prefers Bananas to Citrus Fruit, in order to satisfy assumptions about preferences, she has to prefer
A) Bananas to Apples. B) Citrus Fruit to Bananas. C) Apples to Citrus Fruit. D) Citrus Fruit to Apples.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The average hourly wage for a manufacturing worker increased nearly how many fold from 1970 to 2014?
a. threefold b. fourfold c. fivefold d. sixfold