If we have information about workers' marginal products, then total and average product can be found by
A) summing the marginal values to find the total and multiplying it times the number of workers to get the average.
B) dividing marginal costs by the number of workers.
C) summing the marginal values to find the total and dividing it by the number of workers to get the average.
D) multiplying the average marginal product times the number of workers.
C
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The equilibrium price of a good or service is the price
a. at which the current quantity supplied by producers is equal to the potential output. b. fixed by the government so that producers do not over produce and consumers do not over purchase. c. at which all consumers can afford to purchase units of a good or service as long as they provide them with any value. d. at which the quantity supplied by producers is equal to the quantity demanded by consumers.
Policies that redistribute income
A. increase economic efficiency. B. increase income inequality. C. decrease incentives to earn high income. D. decrease compensating wage differentials.
Why do politicians engage in logrolling, even if it means they must vote for something they do not really support?
a. They want to make sure they have a vote for something that is important to them later. b. They do not want to go against the platform of their party. c. They do it to mislead opponents about their stances, so they can switch positions later. d. They want to prevent an opponent from gaining political power.
The Fed can raise the discount rate when it wants to:
A. decrease the money supply. B. increase the money supply. C. decrease the budget deficit. D. increase the budget deficit.