Average product of labor is calculated as
A. (total product) x (total units of labor).
B. (total units of labor) / (total product).
C. (marginal product) / (total product).
D. (total product) / (total units of labor).
Answer: D
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Define the following terms and explain their importance to the study of economics
a. maximin criterion b. Nash equilibrium c. Dominant Strategy d. Zero-sum game e. Credible threat
A shortage results when a
A. nonbinding price ceiling is removed from a market. B. binding price ceiling is imposed on a market. C. nonbinding price ceiling is imposed on a market. D. binding price ceiling is removed from a market.
Contrast the effects of a rising price level versus a falling price level on consumption and investment.
What will be an ideal response?
The federal deficit ________ in 2006 and 2007, and ________ in 2008.
A. increased; decreased B. increased, increased further C. decreased; increased D. decreased; decreased further