When the marginal product of labor is a maximum, the average product of labor is ________
A) a maximum
B) increasing
C) decreasing
D) equal to marginal product
B
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In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs
Indicate whether the statement is true or false
What explains the rise in income in the U.S. between 1900 and 2013?
A) business cycles B) inflation C) recessions D) depressions E) none of the above
The difference in unemployment rates between Europe and the U.S. has been narrowing partly because
a. tax rates in European countries are generally lower. b. economic conditions in Europe and the U.S have been converging. c. European and American labor unions have been coordinating their activities. d. of a change in labor market policies. e. Europe has been making it easier for workers to gain unemployment benefits
In the United States, currency includes
A) gold, silver, and paper money. B) checking and savings account deposits. C) paper money and coins in circulation. D) traveler's checks.