Geometrically, the marginal product
A. is the slope of the average product curve.
B. is the slope of the line joining the origin to the corresponding point on the total product curve.
C. is that point at which the total product curve exhibits diminishing returns.
D. at any point is the slope of the total product curve at that point.
Answer: D
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The worst drought in over 50 years has decimated crops of soy beans and corn in the United States. (Source: New York Times, August 10, 2012). Because the production of corn has decreased, prices are expected to increase by 25 percent
These data are insufficient for calculating the elasticity of demand because we also need to know the A) percentage increase in income. B) percentage increase in quantity. C) percentage decrease in quantity. D) increase in bushels per acre.
Under a fixed exchange rate system, if the government decides to devalue its currency, net exports will ________ and the IS curve will shift to the ________
A) increase; left B) increase; right C) decrease; left D) decrease; right
If an increase in the price of peanut butter causes a decline in the demand for jelly, then
a. the goods are substitutes b. jelly is an inferior good c. the goods are complements d. both goods are inelastic e. peanut butter is an inferior good
Which of the following correctly describes the effects of a decrease in net taxes?
a. Disposable income increases, consumption decreases, and saving decreases. b. Disposable income increases, consumption increases, and saving increases. c. Disposable income decreases, consumption increases, and saving increases. d. Disposable income decreases, consumption decreases, and saving decreases. e. There is no effect on either disposable income, consumption, or saving.