Fallacy of composition
What will be an ideal response?
Incorrect view that what's true for the individual will also be true for the group
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If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is ________
A) $40 per hour B) $16,000 million C) $40 million D) $160 per hour
Scatter diagrams are a useful way to depict the relationship between two variables
a. True b. False Indicate whether the statement is true or false
When the price of steel rises, Ford uses more aluminum in the production of its cars. This is an example of
a. substitution in consumption. b. substitution in production. c. a change in the marginal productivity of a resource. d. derived demand.
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.