What happens when marginal product falls in a bicycle factory?
a. The cost of producing one more bicycle rises.
b. The average total cost of producing a bicycle falls.
c. More bicycles per hour are deemed defective.
d. The total number of bicycles produced decreases.
a. The cost of producing one more bicycle rises.
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Aggregation is important because it allows many individual variables to be combined into one larger whole
a. True b. False
If Sally Smith creates VCU1 by playing an online game, the effect is to cause the nation's:
a. Monetary base to rise. b. M2 money supply to rise. c. M2 money multiplier to rise. d. Monetary base to remain the same.
In which of the following tax systems do taxes increase as income increases?
a. both proportional and progressive b. proportional but not progressive c. progressive but not proportional d. neither proportional nor progressive
Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes vases, but Regan is better at producing both. In this case, trade could
a. benefit both Jayson and Regan.
b. benefit Jayson, but not Regan.
c. benefit Regan, but not Jayson.
d. benefit neither Jayson nor Regan