The marginal product of any input into the production process:
A. is the constant ratio of inputs to outputs.
B. is the increase in output that is generated by an additional unit of input.
C. is the decrease in input that is generated by an additional unit of output.
D. None of these is true.
Answer: B
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Refer to the above figure. The marginal propensity to consume and the marginal propensity to save
A) are 0.75 and 0.25, respectively. B) depend on the level of income. C) are 0.90 and 0.10, respectively. D) are 0.83 and 0.17, respectively.
If the cross-price elasticity is positive, we can conclude that the two goods are ______ because the price of one good and the demand for the other move in the same direction.
a. complements b. substitutes c. counterparts d. identical
Large federal budget deficits _____
Fill in the blank(s) with the appropriate word(s).
In Exhibit 5-9, the price elasticity of supply for good X between points E and C is:
a. 7/5 = 1.40. b. 1/5 =0.20. c. 5/7 = 0.71. d. 1.