Economists report changes in unemployment in:
A. percentages, not percentage points.
B. percentage points, not percentages.
C. nominal figures; they rarely use percentages or percentage point changes.
D. percentage points or percentages, interchangeably.
Answer: B
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Capital goods are
A. publicly provided. B. excluded from GDP. C. long-lived goods used for producing other goods and services. D. the end products of production.
If the marginal product of labor is greater than the average product of labor, then the
A. marginal product must be increasing. B. marginal product must be decreasing. C. average product must be increasing. D. average product must be decreasing.
Of the following, demand is likely to be the least elastic for
A) Ford automobiles. B) Toyota automobiles. C) compact disc players. D) toothpicks.
At Revolution Doughnuts in Fort Collins, Colorado, a cup of coffee or a doughnut is $1. Suppose Hannah loves going to Revolution Doughnuts. She spends $5 a day at the shop on 3 doughnuts and 2 cups of coffee. Is Hannah maximizing her total utility?
A) No. B) Maybe, but I need to know more about Hannah's income. C) Yes. D) Maybe, but I need to know more about Hannah's marginal utility per dollar for each of the two goods.