Which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor?
a. increase the number of lumberjacks with chain saws and observe the change in output of cut trees
b. increase the number of workers on an assembly line and record the change in output
c. Both a and b are correct.
d. Neither a nor b are correct.
b
You might also like to view...
Credit cards are regularly used in economic exchanges, so credit card balances are included in the definition of money
Indicate whether the statement is true or false
If nominal GDP increases from one year to the next, then
A) production must have increased. B) production could have increased, decreased, or stayed the same. C) prices must have increased. D) prices and production must both have increased. E) prices and production must both have decreased.
Which of the following is true of resources? a. Their availability is unlimited
b. They are the inputs used to produce goods and services. c. Increasing the amount of resources available could eliminate scarcity. d. Both b. and c. are true.
One indication that an industry might be oligopolistic is that prices change
A. infrequently. B. frequently. C. in rhythmic patterns. D. on a regular, periodic basis.