One of the eight big ideas underlying the study of economics is that government policies ______.
a. direct an economy like an “invisible hand”
b. may help stabilize the economy
c. generally do more harm than good
d. have little impact in a market economy
b. may help stabilize the economy
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Why does the production possibility frontier have a negative slope?
What will be an ideal response?
Technological advances lead to ________
A) a shift of the short run AS curve up B) a shift of the long run AS curve to the left C) an upward movement along the long run AS curve D) all of the above E) none of the above
The cost-output elasticity can be written and calculated as
A) MC/AC. B) AC/MC. C) (AC)(MC). D) (AC)2(MC). E) (AC)(MC)2.
Marginal revenue product is:
a. defined as the amount that an additional unit of the variable input adds to the total revenue b. equal to the marginal factor cost of the variable factor times the marginal revenue resulting from the increase in output obtained c. equal to the marginal product of the variable factor times the marginal product resulting from the increase in output obtained d. a and b e. a and c