The above (incomplete) table provides information about the relationships between labor and various product measures. The average product of the fourth unit of labor
A) exceeds the marginal product of the fourth unit of labor.
B) is less than the marginal product of the fourth unit of labor.
C) is equal to the marginal product of the fourth unit of labor.
D) is equal to 4.0.
A
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Because of an increase in the price of leather, the price of a pair of women's dress shoes increased 12 percent. If the price elasticity of demand for women's dress shoes is 0.85, which of the following will happen?
A) Total expenditure on women's dress shoes decreases. B) The number of pairs of women's dress shoes demanded decreases by 10.2 percent. C) Total revenue from the sale of women's dress shoes decreases. D) none of the above
If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? An increase in
A) government purchases. B) oil prices. C) the money supply and a decrease in interest rates. D) taxes.
One way in which politicians have tried to cut federal spending and borrowing was to refuse to
a. lower the legal debt limit. b. default on Treasury bonds. c. raise the legal federal debt limit. d. issue additional Treasury bonds.
A client has $100,000 on deposit at year-end and owes the bank $250,000 on a note payable. The borrowing agreement calls for the client to maintain a minimum (compensating) balance of $40,000 on deposit during the life of the bank loan. On the balance sheet, the asset cash should be stated at $60,000, the excess of the deposit over the compensating balance.
a. true b. false