Using the table above, for which of the following levels of employment does the average product of labor exceed the marginal product of labor at Decent Donuts?
A) ten workers
B) seven workers
C) both of the above
D) neither of the above
C
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________ policies refer to government programs designed to exploit natural comparative advantage by increasing production of a few export goods most closely related to a country's resource base
A) Comparative advantage B) Primary-export-led development C) Import-substitution development D) Inward-looking development
The tragedy of the commons can be solved by:
a. turning the good into a public good b. government regulation or taxation to prevent overconsumption c. both of the above d. neither of the above
Total cost divided by total output yields:
a. marginal cost. b. average variable cost. c. average fixed cost. d. average total cost.
When the economy enters a recession, automatic stabilizers create:
A. higher taxes. B. more discretionary spending. C. budget deficits. D. budget surpluses.