Comment on the following statement: "When average product and marginal product are equal, marginal product is at its maximum."
What will be an ideal response?
The statement is false. If average product is equal to marginal product, average product is at its maximum.
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The Great Northern railroad was privately managed well by James J. Hill (1889) and never went bankrupt
Indicate whether the statement is true or false
The substitution bias in the consumer price index refers to the
a. substitution by consumers toward new goods and away from old goods. b. substitution by consumers toward a smaller number of high-quality goods and away from a larger number of low-quality goods. c. substitution by consumers toward goods that have become relatively less expensive and away from goods that have become relatively more expensive. d. substitution of new prices for old prices in the CPI basket of goods and services from one year to the next.
Outsourcing is a source of increased U.S. output.
Answer the following statement true (T) or false (F)
If the variable on the vertical axis increases by 24 and the variable on the horizontal axis decreases by 3, the slope of the line is:
A. -24. B. -8. C. 3. D. 72.