The marginal revenue product of a resource is:
A. the marginal product of the resource divided by the price of the product it helps to produce.
B. the price of the product times the price of the resource.
C. larger when the product price is larger.
D. larger when the marginal product is smaller.
Answer: C
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A good way to reduce unemployment in rural areas is to
a. encourage migration of surplus labor to the cities b. encourage manufacturing and service activities in the rural areas c. increase the labor intensity of agricultural production d. improve the technological sophistication of agricultural production e. none of the above
After reading Governor Bradford's account, which is the most accurate statement, given his experience?
a. He considered the problems in the colony to be rooted in the "sine and corruption" of selfishness. b. He agreed with Plato that goods held in a "commone wealth" would make the people "happy and flourishing." c. That assigning private plots of land "made all hands very industrious." d. That assigning private plots of land "for this communitie" caused "much confusion and discontent."
Because of the owner's prejudice, a firm chooses to discriminate against hiring Asian workers. Compared to an otherwise identical, nondiscriminating firm in the same competitive market, the discriminating firm will: a. incur higher costs
b. receive lower profits. c. receive higher profits. d. be characterized by both (a) and (b).
A perfectly competitive firm's short-run supply curve is the:
a. demand curve above the marginal revenue curve. b. same as the market supply curve. c. marginal cost curve above the average variable cost curve. d. average total cost curve.