Productivity is _________ per unit of ___________.
A. output; input
B. input; output
C. labor; capital
D. None of these choices are true.
A. output; input
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In the above figure, if the market produces the efficient amount of purses then producer surplus equals
A) triangle bcd. B) triangle adc. C) rectangle bcde. D) trapezoid adec.
Which of the following is not a basic assumption underlying the theory of consumer behavior?
A) Consumers prefer more to less. B) Consumer preferences depend on the amounts of goods they consume as well as the amounts being consumed by other consumers. C) Goods are continuously divisible, that is, consumers can always purchase one more or one less unit of a good. D) Consumers have well-behaved preferences, that is, preference orderings are complete.
If the actual capital-labor ratio is below the steady-state capital labor ratio, growth from convergence will be ________, and the economy will grow ________ than it will along a balanced growth path
A) negative; slower B) negative; faster C) positive; slower D) positive; faster
If a person is risk averse, then she has negative marginal utility of wealth
Indicate whether the statement is true or false