Which of the following correctly ranks the amounts from smallest to largest?
A. output per person, total output, average labor productivity
B. total output, average labor productivity, output per person
C. total output, output per person, average labor productivity
D. output per person, average labor productivity, total output
Answer: D
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Suppose that when one person consumes a good, it is possible to provide it to others at no additional cost. Such a good is called
a. nonexcludable. b. nonrivalrous. c. a free good. d. a Clarke good.
Of the following groups, which benefits most from a government price support program that establishes a floor price for an agricultural product that is higher than the product's market clearing price?
A) consumers, who purchase more units of the product than they did before the price support program was implemented B) taxpayers, who no longer must provide funds to purchase surplus units of the product once the price support program is in place C) producers, who earn a higher price on the sale of each unit and also sell more units, thereby unambiguously earning higher revenues D) the government, which receives subsidy payments from producers that are required to sell more of the product at a higher price under the government's program
The price of the stock divided by the profits per share of stock is known as the
A) price-earnings ratio. B) dividend. C) yield in percent per year. D) number of shares traded during the day.
The marginal propensity to save is
a. the change in saving divided by the change in income b. the change in income divided by the change in saving c. saving divided by income d. income divided by saving e. saving divided by consumption