The increase in total output that results from a unit increase in one unit of a variable input is equal to the input's:
a. total product.
b. marginal product.
c. average product.
d. marginal cost.
b
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If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is ________
A) $40 per hour B) $16,000 million C) $40 million D) $160 per hour
Economists use the notation Q = f(L,K) to describe:
a) the financial relationship between the inputs that a firm uses and the outputs that it produces. b) the level of output (Q) required to fully employ labour (L) and capital (K). c) the flow of labour (L) and capital (K) services that are available when output is (Q). d) the arithmetic relationship between the outputs that a firm uses and the inputs that it produces. e) the technological relationship between the inputs that a firm uses and the outputs that it produces.
Bartering is:
A. just as efficient as using money. B. very efficient compared to using money. C. slightly inefficient compared to using money. D. extremely inefficient compared to using money.
A payoff matrix shows
A. The payoffs of one firm always choosing to price low. B. What companies will do no matter what the other firm does. C. The losses from strategic decisions of two countries. D. The risks and rewards of alternative decision options.