Increasing productivity per person:
A. is highly undesirable, as it leads to increases in GDP per capita.
B. is highly desirable, as it leads to economic growth.
C. is unavoidable, and macroeconomists work to prevent it.
D. can harm an economy if misallocated.
Answer: B
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Total surplus:
A. is producer and consumer surplus combined.
B. is producer surplus minus consumer surplus.
C. is consumer surplus minus producer surplus.
D. is the total amount spent on a good in a market.
The Law of Supply states that when the market price ______, the profit-maximizing sales quantity for a price taking-firm never ______.
A. increases; increases B. increases; decreases C. decreases; decreases D. decreases; stays the same
When workers subdivide the tasks of a job in such a way so as to become more efficient, economists refer to this as
A. the degrees of freedom. B. the division of tasks. C. the division of labor. D. the separation of powers.
In the above table, what is average product when 4 workers are employed?
A) 12 B) 10 C) 11.5 D) 9.5