Marginal product and average product are measured in
A) dollars.
B) profit terms.
C) units of production.
D) the same units as marginal cost and average total cost.
Answer: C
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Which of the following is a checkable and debitable account?
A) a savings account B) a brokerage account with your stockbroker C) a checking account D) All of the above are checkable and debitable accounts.
The invention of machinery that can double the amount of gold extracted from raw ore will likely lead mining companies to
a. raise the world price of gold to pay for the new machinery. b. lower the world price of gold because any amount can now be produced more cheaply. c. raise the world price of gold because miners' wages must double as their productivity doubles. d. lower the world price of gold only if new mining companies are not allowed to enter the industry.
Exhibit 14-6 Aggregate supply curve
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In Exhibit 14-6, when the economy moves from a GDP of $1,000 billion to a GDP of $1,100 billion,
A. higher wages will lower the cost of producing goods. B. real GDP and employment both increase, but only under conditions of constant prices. C. real GDP increases and employment decreases, but only under conditions of price level increases. D. real GDP and employment both increase, but only under conditions of price level increases.
Referring to Figure 18.3, the effect of an increase in U.S. interest rates is represented by a movement from point:
A. a to d. B. c to b. C. a to b. D. d to c.