The increase in total output that results from a unit increase in the employment of a variable input is equal to the input's
a. total product.
b. marginal product.
c. average product.
d. marginal cost.
B
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A free rider is a person who ________
A) can produce a good at a very low cost B) only consumes products provided by the government C) receives the benefit of a good without paying for it D) purchases products available for discounts
Demand is income elastic if
A) a large percentage increase in income results in a small percentage increase in quantity demanded. B) a small percentage increase in income results in a large percentage increase in quantity demanded. C) an increase in income does not affect the quantity demanded. D) the good in question has close substitutes.
How does an open market purchase by the Fed affect the level of bank reserves and the interest rate? Illustrate the interest rate effect by drawing the appropriate graph
Which of the following environmental approaches is most appropriate when surveillance and enforcement is impractical?
A. Direct controls B. Emissions tax C. Volunteerism D. Tradable emission permits