Average product is calculated by dividing total product by the
A. quantity of the variable input.
B. production function.
C. quantity of the fixed input.
D. amount of variable and fixed inputs employed.
Answer: A
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In the figure above, if real GDP is $20 trillion, aggregate planned expenditure is ________ $20 trillion and unplanned inventory changes are ________
A) equal to; equals to zero B) less than; negative C) equal to; negative D) less than; positive E) equal to; positive
The Federal Open Market Committee is
A) the main policy-making body of the Fed. B) a seven-member board, each serving a 14-year term. C) comprised of the presidents of the 12 Federal Reserve Banks. D) another name for the Board of Governors. E) the government committee charged with determining income tax rates.
From the apartment landlord's perspective, what might be a substitute use of his rental property?
A) A parking lot B) An office complex C) A condominium D) Any of the above. E) Definitely none of the above.
The lower portion of the circular flow model contains factor markets in which households provide:
a. labor, money, and machines. b. savings, spending, and investment. c. natural resources, labor, and capital. d. output of all final goods and services produced.