Using the above table, the total product and average product when 5 workers are employed are
A. 61 and 12.2, respectively.
B. 62 and 13, respectively.
C. 61 and 21, respectively.
D. 62 and 15, respectively.
Answer: A
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In a political democracy,
(a) only the voting majority is protected but the minority is coerced to protect the majority. (b) the population minority is free to organize and to lobby to achieve goals. (c) there is no unequal distribution of income or wealth. (d) the minority can elect officials.
A situation in which a market economy leads to too few or too many resources going to a particular economic activity is known as
A) competition. B) excessive competition. C) destructive competition. D) a market failure.
Managers need to enforce property rights inside a firm
Indicate whether the statement is true or false
The factor distribution of income:
A. refers to the pattern of income that people derive from different factors of production. B. shows how much income people get from labor compared to land and capital. C. hasn't changed substantially in the last century in the United States. D. All of these statements are true.