Output per worker is used to measure which economic indicator?
a. inflation
b. specialization
c. unemployment
d. productivity
d. productivity
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The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from $3 per pound to $1 per pound, what is the change in Billy Bob's total revenue?
A) $42 B) $24 C) -$2 D) -$24
The presence of pollution in the dry cleaning industry leads in the long run to dynamic inefficiencies because
A) people will buy fewer clothes that need dry cleaning than they otherwise would have. B) people will develop substitutes for dry cleaning that are wasteful. C) firms will be induced to leave the industry because of artificially high costs. D) firms whose average private cost is less than price will stay in (or enter) the dry cleaning industry even though their average social cost exceeds price. E) firms whose average private cost exceeds the price will exit (or fail to enter) the dry cleaning industry even though their average social cost is less than price.
Other things being equal, a decreased supply of natural resources would be represented on a production possibilities curve by a(n):
a. movement off the curve to a point inside the curve. b. movement down along the curve. c. movement up along the curve. d. inward shift of the entire curve.
When an economy operates efficiently,
a. the MRPs of every input into the production of a good are equal. b. marginal utility equals marginal cost for every good. c. the price of a good equals the sum of the marginal physical products of its inputs. d. All of the above are correct.