The average product of labor is equal to the
A) total product divided by the total number of workers hired.
B) total number of workers hired divided by the total product.
C) slope of the marginal product of labor curve.
D) Both answers B and C are correct.
A
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A consumer will consume the combination of goods at the crossing point of a budget line and indifference curve.
Answer the following statement true (T) or false (F)
Which of the following is an example of a good produced under monopoly?
A) CDs B) Books C) Aerated drinks D) Patented software
All of the following are responsible for the removal of the formal trade barriers EXCEPT
A) the sustained efforts of the trading partners themselves. B) the General Agreement on Tariffs and Trade (GATT). C) the World Trade Organization (WTO). D) regional trade agreements such as NAFTA. E) the World Bank and the IMF.
The largest component of U.S. federal spending that contributes to the U.S. government budget deficit is
A) entitlements. B) military spending. C) interest expenses. D) salaries of government employees.