The value of marginal product of an input is the value of the:
A. output produced by the last unit of an input.
B. average output produced by inputs.
C. output produced by the first unit of an input.
D. total output produced by total inputs.
Answer: A
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A) trade imbalances B) comparative advantages C) market failures D) diminishing returns
The transaction demand for money comes mostly from the fact that
A) money is a medium of exchange. B) money has low opportunity cost. C) money is a store of value. D) money is a unit of account.
Aggregate demand and supply curves have been widely used to analyze the performance of the macroeconomy. Figure 5-3 shows four diagrams that represent different changes in the macroeconomy. Choose the diagram that best represents the situations described in the following questions.Figure 5-3
Which graph in Figure 5-3 best represents the favorable macroeconomy of the late 1990s?
A. 1 B. 2 C. 3 D. 4
Which of the following is NOT related to the government's political function of income redistribution?
A. providing money transfer payments B. in-kind transfers C. Social Security D. excise tax on cigarettes