When labor usage is at 12 units, output is 36 units. From this we may infer that
A) the marginal product of labor is 3.
B) the total product of labor is 1/3.
C) the average product of labor is 3.
D) none of the above
C
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Markets work well for allocating ____________ efficiently, but not always so well for allocating ______________________.
A. private goods; public goods B. public goods; private goods C. common resources; public goods D. public goods; common resources
Which of the following can be a valid reason for Canada's GDP exceeding its GNP in 2001?
a. Net factor income from abroad in Canada was negative. b. Canada's GNP measurements were flawed. c. Canada's indirect business taxes were exceptionally high. d. The World Bank underestimated Canada's net exports. e. Canada's residents received more foreign aid than they could spend.
Which of the following is a direct consequence of the development of faster and cheaper computers?
a. The development of double-entry bookkeeping b. The enhanced ability of managers of business operations to deal with complex transactions in far-flung locations c. The creation of money d. The decrease in workers' productivity, because more computers need fewer people to operate them e. A decline in the rate of inflation
An increase in the real value of stock prices, which is independent of a change in the price level, would affect aggregate demand due to the:
A. foreign purchases effect. B. real-balances effect. C. wealth effect. D. interest-rate effect.