When a bakery manager reports that productivity of the 15 workers at her bakery last month was 1,800 loaves per worker, she is referring to the
A. marginal product of labor.
B. total product of labor.
C. total product of capital.
D. average product of labor.
Answer: D
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In the short-run, an increase in the price of raw materials will ________ the price level and ________ real GDP
A) raise; increase B) lower; increase C) lower; decrease D) raise; decrease E) raise; not change
In the figure above, suppose that $20 is the market equilibrium price. Which area is the consumer surplus?
A) A B) B C) A + B D) B - A E) B รท A
When a seller of one good requires a buyer to purchase other goods as part of the deal it is called
a. exclusive dealing b. a tying contract c. an interlocking directorate d. price discrimination
To ensure that ________ will be accepted, the U.S. government implicitly promises the public that it will not print money so fast that it loses its value.
A. commodity money B. barter cash C. paper money D. exchange rates