The increase in output that results when one more unit of a variable input is hired is called
A. average physical product.
B. marginal physical product.
C. total physical product.
D. marginal revenue.
Answer: B
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As the dollar appreciates, the dollar price of imported goods ___________ ultimately shifting the United States AD curve to the _______________
A) rises; right B) rises; left C) falls; right D) falls; left
If individuals can credibly cooperate and split the gains, which payoff is the most likely? A: Not CheatA: CheatB: Not CheatA: 1, B: 50A: 1, B: 1B: CheatA: 2, B: 1A: 5, B: 5
A. 2, 1 B. 5, 5 C. 1, 11 D. 1, 1
Assume that an individual consumes only hotdogs and colas and that the last hotdog consumed yields 15 utils and the last cola 10 utils. If the price of a hotdog is $1 and the price of a cola is $.50, we can conclude that the:
A. consumer should consume more hotdogs and less cola. B. price of hotdogs is too high. C. consumer should consume fewer hotdogs and more cola. D. consumer is in equilibrium.
If the price of the product produced by labor increases, the marginal revenue product of labor curve will
A. be unaffected because productivity of labor has not changed. B. become more elastic. C. shift to the left. D. shift to the right.