If a decrease in income leads to an increase in the demand for sardines, then sardines are
A) a necessity. B) an inferior good. C) a normal good. D) a neutral good.
B
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Refer to Table 17-4. What are the quantity of labor and marginal revenue product of labor that will maximize the profit Apple would earn from selling iPods?
A) 2; $680 B) 2; $160 C) 3; $140 D) 3; $340
The multiplier will be greater, other things being equal: a. the smaller the fraction of each dollar earned that goes to taxes
b. the larger the MPC. c. the smaller the fraction of each dollar of disposable income that goes to saving. d. all of the above are true.
As long as marginal product is increasing, marginal product is:
A. equal to average output. B. less than average product. C. equal to total product. D. greater than average product.
A legal entity that may conduct business in its own name just as an individual does is a(n)
A. proprietorship. B. corporation. C. partnership. D. entrepreneur.