A direct or positive relationship exists between a country's
a. productivity and its standard of living.
b. amount of government spending and its productivity.
c. total population and its average citizen's income.
d. rate of population growth and the extent of its trade with other countries.
a
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Mark complains: "I can't believe they raised the price of comic books, and because of this, I'm going to reduce my demand for comic books." Is Mark stating the concept of demand correctly?
If a town begins requiring builders to build on one-acre lots, instead of on smaller quarter-acre lots, the supply curve for new homes will
A. shift to the right. B. become flatter. C. shift to the left. D. become steeper.
In what ways can economists help auto manufacturers estimate the marginal rate of substitution between features such as vehicle interior size and acceleration?
A) Examining production cost data B) Conducting consumer surveys about willingness to pay for auto features C) Solving the standard consumer model D) Statistically analyzing historical data on purchases of different types of autos E) B and D only
Refer to Figure 6.1. Which of the following statements is false?
A) At point E the marginal product of labor is decreasing. B) At point E the marginal product of labor is negative. C) At point E the average product of labor is decreasing. D) At point E the average product of labor is negative. E) At point E the marginal product of labor is less than the average product of labor.