The slope of the total product curve always equals
A) the ratio of the marginal product and the average product.
B) the change in input divided by the change in output.
C) the average product of the input.
D) the marginal product of the input.
D
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If U.S. net exports are positive
A) other countries borrow from the United States to pay for some of the goods they purchase from the United States. B) other countries make loans to the United States so that the United States can pay for some of the goods it purchases from other countries. C) the United States sells some of the assets it owns in other countries to pay for some of the goods it sells to other countries. D) the United States borrows from other countries to pay for some of the goods the United States purchases from them.
What happens as a variable input increases while other inputs are fixed?
a. Eventually the fixed inputs will increase at a rate equal to or below the variable increases. b. Fixed costs will rise and variable costs will fall as they are spread over larger output. c. The average variable cost will remain equivalent to or below the average fixed cost. d. At some point the increase will lose its effectiveness, and additions to output will decline.
The budget set defines the combinations of good X and Y that:
A. maximize the supplier's profit. B. maximize the consumer's utility. C. are desirable to the consumer. D. are affordable to the consumer.
The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a
A. microeconomist. B. normative economist. C. macroeconomist. D. social science economist.