Profit is equal to
A. total revenue minus total cost.
B. total revenue divided by total cost.
C. total revenue divided by marginal revenue.
D. marginal revenue minus marginal cost.
Answer: A
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At the Punjab Bakery, two workers can decorate 14 cakes in an hour and three workers can decorate 18 cakes in an hour. The marginal product of the third worker is
A) 18 cakes, and the average product for three workers is 6 cakes. B) 9 cakes and is equal to the average product. C) 4 cakes, and the average product for three workers is 6 cakes. D) 32 cakes, and the average product for three workers is 9 cakes. E) 6 cakes, and the average product for three workers is also 6 cakes.
If the growth rate of resources is zero and real output is growing at 4 percent, then _____
a. the stock of capital has fallen by 4 percent b. economic growth has fallen by 4 percent c. total factor productivity has risen by 4 percent d. the stock of labor has fallen by 4 percent e. the percentage share of real GDP received by capital has fallen by 4 percent
Which of the following is an example of a public good?
A. space exploration B. airline travel C. a U2 concert D. a Big Mac
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.