Graphically, the average productivity of labor is illustrated by:
a. the slope of the total product curve at the relevant point.
b. the slope of the marginal productivity curve at the relevant point.
c. the negative of the slope of the marginal productivity curve at the relevant point.
d. the slope of the chord connecting the origin with the relevant point on the total output curve.
d
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The simple circular flow of income shows that the total income in an economy equals
A) all taxes paid by households. B) total expenditures. C) the total amount of money supplied by the government. D) total profits earned by firms.
Explain why some people who are applying for a job at a bank dress up, arrive early, and have their paperwork neatly completed for the job interview
What will be an ideal response?
For an economy to be in equilibrium at full employment is, according to Keynes,
a. the natural result of the economy process b. always the result of government intervention c. strictly a matter of historical accident d. a matter of convincing investors to match the level of saving in the economy e. an unattainable goal
Suppose all of the major computer manufacturers announced that beginning next month there would be major price reductions on their computers. This would cause the current demand for computers to
a. increase. b. decrease. c. remain unchanged. d. increase if the demand for computers was relatively inelastic, but decrease if the demand for computers was relatively elastic.