Not-for-profit organizations are often harder to run than for-profit firms.
a. true
b. false
a. true
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If the marginal productivity of labor is constant for all levels of output, then the average productivity of labor
A) is constant. B) equals the marginal productivity of labor. C) Both A and B above. D) Either A or B above but not both.
In the short run, if a firm's total product is increasing: a. its marginal product must be increasing
b. its marginal product must be positive. c. its marginal product could be increasing or decreasing. d. both b. and c. are true.
If a country's population grows at the same rate as its real GDP, then real per capita GDP
a. grows at an increasing rate b. grows at a constant rate c. doesn't change d. decreases at a decreasing rate e. decreases at a constant rate
The law of increasing opportunity costs states that:
A. if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of another good to do so. B. the sum of the costs of producing a particular good cannot rise above the current market price of that good. C. if the sum of the costs of producing a particular good rises by a specified percent, the price of that good must rise by a greater relative amount. D. if the prices of all the resources used to produce goods increase, the cost of producing any particular good will increase at the same rate.