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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Refer to the table below. Martha's opportunity cost of making of a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 3/4 of a cake. B. 80 cakes. C. 8 cakes. D. 4/3 of a cake.
Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive a payoff of ________ if you go to the park
A) 0 B) 250 C) 500 D) You cannot determine the payoff from the data in the figure.
If the United States is a "net lender" abroad, ________. (Assume that the capital account is zero and net transfers are zero.)
A) the United States must be exporting less than it is importing B) net foreign investment must be negative C) national saving is greater than domestic investment D) net capital flows must be positive
If hotdogs cost $2 this year and $3 next year, then 100 hotdogs will contribute
A. $200 to this year’s nominal GDP and $166 to next year’s nominal GDP. B. $200 to this year’s real GDP and $300 to next year’s real GDP. C. the same dollar amount to each year’s nominal GDP because hotdogs are intermediate goods. D. $200 to this year’s nominal GDP and $300 to next year’s nominal GDP.