The change in total output that results from one additional unit of input is the:
a) Marginal physical product.
b) Input price.
c) Average product of the input.
d) Unit cost of the input.
Answer: a) Marginal physical product.
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An economic profit of zero indicates a satisfactory situation for the firm
a. True b. False Indicate whether the statement is true or false
Which of the following is a positive economic statement?
A) We should raise the minimum wage in order to provide a decent wage for more people. B) Consumers bought fewer cars when the relative price of cars increased. C) The budget deficit has been rising in recent years. D) Federal government spending ought to be curtailed. E) b and c
Who of the following is counted as "unemployed" by the Bureau of Labor Statistics?
a. someone working without pay for a family member's business b. someone who is absent from their job due to illness c. someone on temporary layoff d. All of the above are correct.
A man moves from a large city to a small town. In the small town he seems like a very different person than the person he was in the big city. For instance, he is more polite in the small town than he was in the big city. This could be because
A) the costs of his being impolite are higher in the big city than in the small town. B) the costs of his being impolite are higher in the small town than in the big city. C) he is a happier person in the small town and it could be that happier people are more polite. D) b and c E) a and c