Based on the data in the table above, when Decent Donuts hires eight workers, the
A) average product of labor is greater than the marginal product.
B) marginal product of labor is greater than the average product.
C) marginal product of labor is equal to the average product.
D) marginal product of labor is not defined.
A
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When a consumption schedule is plotted as a straight line, the slope of the consumption line is
A. horizontal. B. vertical. C. greater than the slope of the 45º line. D. less than the slope of the 45º line.
An increase in education and training
A) increases labor productivity. B) increases aggregate hours. C) decreases real GDP growth. D) increases the employment-to-population ratio.
One possible reason for slower growth in developing and transition countries is
A) capital may not be directed to its most productive use. B) strict accounting standards are too stringent for the banks to meet. C) the weak link between government and financial intermediaries. D) the lack of adverse selection and moral hazard problems.
Poverty is usually defined by economists in relative terms
a. True b. False Indicate whether the statement is true or false