In economics, the term marginal refers to:
a. the change or difference from a current situation.
b. man-made resources as opposed to natural resources.
c. the satisfaction a consumer receives from a good.
d. holding everything else constant in the analysis.
a
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Which of the following claims is most likely to suffer from reverse causality?
A) Higher income increases consumption. B) Relatively wealthy people tend to be relatively healthy. C) More hours of study is likely to lead to better results. D) Crime rate is seen to be lower in countries having a higher level of poverty.
The table shows some data that describes Tom's T-Shirts' total product when Tom's has 1 sewing machine. When 4 workers are employed, ________
A) average product of labor is a maximum B) marginal product of labor is less than average product of labor C) marginal product of labor exceeds average product of labor D) marginal product of labor equals average product of labor
A perfectly competitive firm earns a profit when price is
A) equal to minimum average variable cost. B) above minimum average total cost. C) equal to minimum average total cost. D) equal to minimum average fixed cost.
The economy is in equilibrium, TP = TE, and Real GDP is $500 billion. The MPC is 0.95, the multiplier is operative, and idle resources exist at each expenditure round. Autonomous investment spending rises by $4 billion. As a result, the TE curve shifts __________, inventory levels unexpectedly __________, business firms __________ the quantity of goods and services they produce, and Real GDP
__________ by __________. A) upward; fall; increase; rises; $3.8 billion B) upward; fall; increase; rises; $8 billion C) downward; rise; decrease; falls; $80 billion D) upward; fall; increase; rises; $80 billion E) downward; fall; decrease; falls; $3.8 billion