The slope of the line from the origin to a given point on the curve equals
A) the increase in output.
B) the change in input divided by the change in output.
C) the average product of the input.
D) the marginal product of the input.
C
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Which of the following is not a valid criticism of Fogel's (1964) methodology in his study of railroads?
(a) The canal prices used for 1890 were low. (b) The impact of railroads on financial markets is ignored. (c) The nonpecuniary gains from using railroads could have been considered. (d) The amount of land cultivated would have been reduced.
Joe walks into Best Buy prepared to spend no more than $500 cash on a new computer, but the price turns out to be $600. Joe is told if he finances it on a Best Buy credit card, it will cost $600, but he will get a $25 gift card free with the computer. Joe opts to open the credit card and puts the full $600 on the account. According to economic theory, Joe's decision is:
A. irrational. B. rational. C. budget-conscious. D. optimal.
A . How did the National Bank Act of 1864 tighten the money supply? b. What was the weakness of the National Bank Act of 1864?
The firm can calculate all points on its total cost curve if it knows
A. its production function. B. the prices of inputs and of output. C. its average cost at its optimal output level. D. the prices of inputs and its production function.