Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. The firm is able to produce 176 units of output per day when 16 workers are hired (holding other inputs fixed). Then the marginal product of the 16th worker is
a. 10 units of output.
b. 11 units of output.
c. 16 units of output.
d. 176 units of output.
B
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Which of the following leads to a decrease in real GDP?
A) an increase in interest rates B) an increase in government spending C) an increase in the inflation rate in other countries, relative to the inflation in the United States D) Households have increasingly optimistic expectations about future income.
Which of the following is correct?
A. In the short run, if a firm chooses to produce no output (i.e. shut down) its total costs of production will equal its total fixed costs. B. If a firm decides to shut down, its short-run total costs will equal 0 C. As a firm increases output in the short run, the change in total costs is equal to the change in total variable costs. D. A firm minimizes its total costs of production when average variable cost is minimized. Reset Selection
Which philosopher claimed that the government should aim to maximize the well-being of the worst-off person in society?
The basic difference between macroeconomics and microeconomics is that:
A. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). B. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). D. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.