What is the formula for the average product of labor?
A. ?q/?L
B. L/q
C. ?L/?q
D. q/L
Answer: D
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A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300A change from combination C to B means that
A. 2 units of steel are given up to get 75 units of wheat. B. 1 unit of steel is given up to get 15 more units of wheat. C. 1 unit of steel is given up to get 75 units of wheat. D. 2 units of steel are given up to get 15 more units of wheat.
If the exchange rate ________, the quantity of dollars demanded ________ and there is a movement up along the ________ curve for dollars
A) falls; increases; supply B) rises; increases; demand C) falls; decreases; demand D) rises; decreases; supply E) rises; decreases; demand
Coal is very useful in the production of electricity. Red beryl, although not generally considered as very useful, is a beautiful gemstone found in the mountains of Utah, and has been described as 1,000 times more valuable than gold
Explain why red beryl costs so much more than coal.
Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) more than 5 times as much as your grandfather in terms of real income. B) less than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of nominal income. D) 5 times as much as your grandfather in terms of real income.