Marginal product is defined as
a. the increase in revenue that occurs when an additional unit of a resource is added
b. the increase in output that occurs when all resources are increased by the same proportion
c. the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant
d. the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount
e. the amount of additional money needed to increase output by one unit when all resources are held constant
C
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If Congress authorized the President to lower tax rates or to initiate spending projects when aggregate demand was inadequate, which consequence could be predicted most confidently?
A) Aggregate spending would be more stable over time. B) Recessions would be less severe. C) Recessions would occur less frequently. D) The political power of the President would increase. E) We would experience a lower rate of inflation.
Pam
A) was a prediction market used to predict terrorist attacks. B) is another cost of capital model like CAPM C) stands for Pricing Assets Management D) none of these choices
If Canada can produce 500 TV sets at the cost of 10 cars, while Mexico can produce 1,000 TV sets at the cost of 8 cars, we know the following:
a. Canada has a comparative advantage in TV production. b. Mexico has the absolute advantage in TV production. c. The two countries' joint output equals 1,500 TV sets and 18 cars without trade, but it will be higher after proper specialization and trade. d. Canada has a comparative advantage in car production. e. Canada produces more cars than Mexico does.
Economic efficiency requires that
a. individuals produce at their maximum level. b. only long-lasting, high-quality products be produced without regard to cost. c. income be distributed equally among consumers. d. all economic activity generating more benefits than costs be undertaken.