The change in total output when one additional unit of labor is hired is known as the
a. capacity utilization rate
b. average product of labor
c. marginal product of labor
d. total product of labor
e. marginal output of labor
C
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The Ricardo-Barro effect is based on the idea that ________ when the government has a budget deficit
A) investment demand increases because expected future profits increase B) people decrease their private saving C) investment demand decreases because of the higher real interest rate D) people immediately increase their tax payments E) people increase their private saving
The marginal propensity to consume measures the average amount of wealth that a consumer spends in a given period of time
Indicate whether the statement is true or false
Laws that make it difficult to start a new business lead to a
A) high rate of economic growth. B) low rate of economic growth. C) more political freedom. D) laissez-faire.
Suppose Dave always uses two lemon wedges with his glass of iced tea. Dave's indifference curves for lemon wedges and iced tea are
a. bowed inward. b. bowed outward. c. straight lines. d. L shaped.