As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac:
a. rises at a steady rate.
b. decreases.
c. remains constant.
d. accelerates.
b
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In the DMP model, an increase in the unemployment insurance benefit does not, under any circumstances
A) increase the vacancy rate. B) increase the unemployment rate. C) reduce labor market tightness. D) reduce the size of the labor force.
Possible sources of economies of scale (size) within a production plant include:
a. specialization in the use of capital and labor b. imperfections in the labor market c. transportation costs d. a and b e. a and c
Since the year 1969, the poverty rate has
A. remained almost unchanged. B. increased significantly. C. increased very slightly. D. decreased significantly.
The aggregate production function is an equation that shows the relationship between ________ and ________
A) the inputs employed by firms; the maximum output firms can produce with those inputs B) the inputs employed by an individual firm in an economy; the average of the inputs employed by all firms in an economy C) the output produced by an individual firm in an economy; the average of the output produced by all firms in an economy D) the average level of capital used in production in an economy; the average level of labor used in production in an economy