Which item in 2007 accounted for the least of total (federal, state, and local combined) government spending?
a. transportation
b. education
c. security
d. conservation and natural resources
e. interest on the debt
D
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The above table shows the short-run production function for Albert's Pretzels. The marginal product of labor for the third worker is
A) 6. B) 8. C) 24. D) not known from the information provided.
At a price of $15 each, Marta buys 4 books per month. When the price increases to $20, Marta buys 3 books per month. Luz says that Marta's demand for books has decreased. Is Luz correct?
A) Yes, Luz is correct. B) No, Luz is incorrect. Marta's demand has increased. C) No, Luz is incorrect. Marta's quantity demanded has decreased, but her demand has stayed the same. D) No, Luz is incorrect. Marta's quantity demanded has increased, but her demand has stayed the same. E) No, Luz is incorrect. Marta's quantity demanded has decreased and her demand has increased.
Real GDP per person can increase:
A. only if the share of the population employed decreases. B. if the share of population employed and/or average labor productivity increases. C. only if average labor productivity increases. D. only if the share of the population employed increases.
Refer to the above figure. Line ABC is called
A. the saving function. B. aggregate supply. C. the consumption function. D. the 45-degree line.