At any given point on the curve, the slope of the total product curve always equals
A) the ratio of the marginal product and the average product.
B) the change in input divided by the change in output.
C) the average product of the input.
D) the marginal product of the input.
D
You might also like to view...
A positive externality is created if:
A. an action harms someone not involved in the market transaction. B. an action benefits someone not involved in the market transaction. C. neither helps nor hurts someone not involved in the market transaction. D. an action harms or benefits someone not involved in the market transaction.
The fraction of an industry's sales that are accounted for by the largest firms is called
A) the four-firm oligopoly ratio. B) the four-firm competition ratio. C) the four-firm industry ratio. D) the four-firm concentration ratio.
Which of the following is a major deficiency of fiscal policy as a stabilization tool?
a. Congress is reluctant to make changes in either taxes or expenditures. b. The Constitution requires the president to submit and Congress to pass a balanced budget. c. Both political and economic factors make it unlikely that changes in fiscal policy will be timed correctly. d. A change in fiscal policy exerts major effects on the economy quickly.
If government adhered strictly to the idea of an annually balanced budget, then during a recession,
A. both expenditures and tax rates would have to be decreased. B. both expenditures and tax rates would have to be increased. C. expenditures would have to be increased and/or tax rates decreased. D. expenditures would have to be reduced and/or tax rates increased.