The average product of labor is defined as:
A. the additional output produced by the last ?L units of labor hired.
B. the amount of output divided by the amount of capital used to produce the output.
C. the amount of output produced multiplied by the last ?L units of labor hired.
D. the amount of output divided by the number of workers employed.
D. the amount of output divided by the number of workers employed.
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Answer the following statements true (T) or false (F)
1. Monetarists argue that the Fed reduces fluctuations in economic activity and the price level. 2. The Fed chairman appears before Congress semi-annually to present the Monetary Policy Report. 3. The Fed used the Term Auction Facility in 2008 to aid bond dealers. 4. The Reigle-Neal Act was passed by Congress in 1932 to regulate banking. 5. Branch banking can now be carried out regionally and even nationally.
By how much did the Doha round of negotiations increase the world economy per year?
a. $100 to $150 billion b. $150 to $200 billion c. $200 to $250 billion d. $165 to $385 billion
When the more-is-better principle holds, we assign higher utility values to indifference curves:
A. that are closer to the origin. B. that are farther from the origin. C. that are concave. D. that are L-shaped.
If the total cost function is TC = 10Q3 - 50Q2 + 1000Q + 500, what is the equation for AFC?
What will be an ideal response?