It is difficult to make the concept of need useful because it is difficult to define and compare "needs" among people
a. True
b. False
Indicate whether the statement is true or false
True
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Where should a producer stop devoting more of his spending on labor if initially the MRP of the additional dollar spent on labor is higher than the MRP of the additional unit spent on tools?
A. MRP/$ of additional labor falls below MRP/$ of additional tools. B. MRP/$ of additional capital increases above MRP/$ of additional tools. C. MRP/$ of additional labor becomes equal to MRP/$ of additional tools. D. MRP/$ of the additional labor falls to zero.
Which of the following is NOT an example of a capital good?
A) a miner's cap B) a GPS tracking device C) a stethoscope D) a U.S. government bond E) an airport kiosk
When a monopolistically competitive firm lowers it price one bad thing happens to the firm. What is this "one bad thing" called?
A) the price effect B) the substitution effect C) the output effect D) the income effect
Look at the production schedule below:
Workers 0 1 2 3 4 5 Output 0 45 80 100 130 165 Which property of a standard production function does it violate? A) constant returns to scale B) decreasing marginal product of capital C) decreasing marginal product of labor D) production increasing in labor