Which of the following statements is true?
a. Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output.
b. Marginal factor cost is the extra cost to a firm of employing one more unit of a factor of production.
c. The demand curve for a perfectly competitive employer is horizontal at the market wage rate.
d. The supply curve of labor is upward sloping because of the law of diminishing marginal productivity.
b
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Major macroeconomic questions include all of the following EXCEPT:
A. Why does inflation vary over time and across countries? B. What causes differences in wages between men and women? C. What causes economic growth? D. What are the causes of unemployment?
If one day it was discovered that lime juice caused cancer, which of the following would likely result?
A) The supply curve for lime juice would shift to the right. B) The supply curve for lime juice would shift to the left. C) The demand curve for lime juice would shift to the right. D) The demand curve for lime juice would shift to the left.
Figure 2-10
Movement from point K on the production possibilities curve for food and clothing in , to point J inside the curve could be the result of
a.
an increase in opportunity costs
b.
supply and demand
c.
greater efficiency
d.
a decrease in the population
e.
an increase in unemployment
Which of the following would be counted in the U.S. GDP for 2015?
A. A 2015 Ford Fiesta made in Mexico B. The $5,000 an investor used to purchase stock in Home Depot in the Fall of 2015 C. Ford buying tires from Goodyear for new Ford Mustangs D. Clothing produced at a boutique shop in LA for the Fall 2015 fashion week