If four workers were hired and we discovered that we could produce 88 units of production, what is the average physical product of labor?
A) 44
B) 352
C) 11
D) 22
Answer: D
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Total revenue is equal to
A) the change in price resulting from a one-unit increase in quantity sold. B) the amount people will buy at a given price. C) the change in the quantity sold when you change the price by one unit. D) price multiplied by the quantity sold. E) the price at which the good or service is sold.
According to Utilitarian principles first discussed in the nineteenth century, fairness implies
A) equality of income. B) equality of opportunity. C) winner takes all. D) maximizing consumption.
If you can produce more of something than others with the same resources, you have
A) a free-market economy. B) an absolute advantage. C) an efficient production system. D) a comparative advantage.
Which of the following statements is correct with respect to the debate between the Keynesians and new classical economists?
a. Each side criticized monetarism b. The key source of disagreement centered on how people form their expectations. c. Both models believed that recessions were characterized by falling aggregate demand. d. Both believed that unanticipated changes in monetary policy could influence output. e. all of the above.