At point e in the above figure, the marginal product of labor
A) is less than the average product of labor.
B) equals the average product of labor.
C) is greater than the average product of labor.
D) is at its maximum.
A
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According to the textbook, the noise of jet engines is not a negative externality for baggage handlers
A) because it leaves no residue in the environment. B) because the benefits are greater than the costs. C) because they are paid to live with the noise. D) because they wear hearing-protection devices. E) unless it leaves them with permanent hearing loss.
When the Fed sells government securities to a bank, how are the Fed's assets affected?
A) The amount of the Fed's government securities decreases. B) The amount of the Fed's government securities increases. C) The amount of reserves held at the Fed increases. D) The amount of reserves held at the Fed decreases.
Governments can use price elasticity of demand to estimate how changes in excise tax rates will affect:
a. income. b. prices. c. tax revenues. d. government spending. e. profits.
As farm productivity increases faster than demand:
a. fewer farmers are required to meet demand b. the number of farmers decreases over time c. the decreasing number of farmers is good news for society because the basic economic problem is scarcity d. all of the above