Which of the following goods are not close substitutes?
a. Peanut butter and jelly
b. Margarine and butter
c. Tea and coffee
d. Beef and chicken
a. Peanut butter and jelly
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Government spending on public health promotes economic productivity by ________
A) encouraging research and development B) increasing national savings C) increasing human capital D) building infrastructure
Productivity is
A. Output per unit of input. B. The inverse of cost efficiency. C. The increment of output produced when one more unit of an input is employed in the production process. D. The same as marginal revenue.
For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. If the market price of this good is $6, how many units would this seller produce?
A. 300 B. 250 C. 50 D. 150
Productivity is output per unit of ___________.
Fill in the blank(s) with the appropriate word(s).