The marginal physical product of an input is the
a. addition to output from using one more unit of an input.
b. extra amount of an input needed to produce one additional unit of output.
c. change in average physical product, given a change in the quantity of an input.
d. slope of the production indifference curve for an output made using the input.
a
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From a macroeconomic perspective, the problem of low household saving has probably been overstated because:
A. household saving represents a smaller share of national saving than does public saving. B. it is national saving, not household saving, that allows an economy to accumulate new capital. C. household saving is not related at all to an economy's ability to accumulate new capital. D. household saving has been increasing steadily over the last three decades.
The condition, MRS1,C = w, describes the representative consumer's
A) investment decision. B) consumption - savings decision. C) current period work - leisure decision. D) future period work - leisure decision.
When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the answers given in these formats represent actual market behavior
Indicate whether the statement is true or false
Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A) the number of resources used should be decreased since society must protect its scarce resources. B) the concept of opportunity costs does not exist. C) more goods will be available than customers want to buy. D) the economy is producing efficiently.