Which of the following affects the marginal physical product of labor?
a. a worker's abilities and degree of work effort
b. the amount of capital available per worker
c. the technical know-how of the management of the firm
d. all of the above
d
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According to the U.S. Department of Commerce, a group of two or more persons living together who are related by birth, marriage, or adoption is known as a
a. household. b. family. c. Lorenz unit. d. quin tile.
The increase in total output that results from a unit increase in the employment of a variable input is equal to the input's
a. total product. b. marginal product. c. average product. d. marginal cost.
In the short run, firms can enter an industry but not exit an industry.
Answer the following statement true (T) or false (F)
Which of the following would increase the consumption component of U.S. GDP?
A. A restaurant in Denver purchases a bottle of California wine to include on its wine list. B. The U.S. government buys a bottle of California wine to serve at a state dinner in the White House. C. A person in Paris purchases a bottle of California wine. D. You purchase a bottle of California wine.