Average product of labor is calculated as
A. (total product) x (total units of labor).
B. (marginal product) / (total product).
C. (total units of labor) / (total product).
D. (total product) / (total units of labor).
Answer: D
You might also like to view...
In a certain economy, the components of aggregate spending are given by: C = 100 + 0.9(Y - T) - 500rI = 150 - 1,000rG = 200NX = 50T = 100Given the information about the economy above, the immediate impact on aggregate expenditures of a one-percentage-point increase in the real interest rate (r) from 5 percent to 4 percent is ________, and the eventual impact on short-run equilibrium output is ________.
A. an increase by 15 units; a increase by 150 units. B. an increase by 150 units; a decrease by 1,500 units. C. an increase by 150 units, an increase by 150 units. D. a decrease by 15 units, a decrease by 150 units.
Total utility increases if one more unit of a product is purchased and marginal utility is negative.
Answer the following statement true (T) or false (F)
A point on a production possibilities curve indicates
A. opportunity costs are constant. B. resources are being used efficiently. C. an output combination that can be attained only if society gets more resources or there is technological change. D. resources are not being used efficiently.
A ________ describes the possible moves in a game in sequence and lists the payoffs to each possible combination of moves.
A. decision tree B. payoff matrix C. multi-period game D. game graph