The average product of labor is equal to
A. change in total product divided by quantity of labor.
B. change in total product divided by change in quantity of labor.
C. total product divided by quantity of labor.
D. total product divided by change in quantity of labor.
Answer: C
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The most popular movie stars have high incomes for a number of reasons. One such reason is
a. an ability for almost everyone to enjoy movies at a relatively low cost. b. the above-average intellect of the average movie star. c. a compensating differential. d. a lack of technological advances in the movie industry.
At the time of Kelsey's 20 year high school reunion she was earning $50,000 and the CPI was 120. Now that it is time for her to attend her 30 year high school reunion, Kelsey's income has risen to $97,000 and the CPI is 230. At her 30 year reunion, can Kelsey rightfully brag that her real income has risen since the last time she saw her former classmates ten years ago?
A) Yes, Kelsey's real income rose during that 10 year period. B) No, Kelsey's real income fell during that 10 year period. C) No, Kelsey's real income remained constant during that 10 year period. D) It is impossible to determine what happened to Kelsey's real income.
Suppose in the beginning of 2013, a country has a national debt of $8,000 billion. Its GDP in 2013 is $32,000 billion and its budget deficit of $1,600 billion. Compute its debt-GDP ratio at the end of the year.
A) about 5. 0% B) about 20,0% C) about 25.0% D) about 30%
the banking system in the United States creates money through the combination of excess reserves and
What will be an ideal response?