The marginal physical product (MPP) is calculated by
A. dividing total physical product by labor.
B. dividing the change in total physical product by the change in the input.
C. the difference between the output of skilled and unskilled workers.
D. dividing the change in total cost by the change in labor.
Answer: B
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The slope of a line is defined as the
a. change in the value of the variable on the vertical axis divided by the change in the value of the variable on the horizontal axis b. value of the variable on the horizontal axis divided by the value of the intercept on the vertical axis c. change in the value of the variable on the horizontal axis divided by the increase in the value of the variable on the vertical axis d. value of the variable on the vertical axis divided by the value of the variable on the horizontal axis e. change in the value of the variable on the vertical axis times the increase in the value of the variable on the horizontal axis
Assume the table has recorded the total output and prices of the only two goods produced. Looking at the changes in real GDP and nominal GDP from 2000 to 2001, we can conclude that because:
A. real and nominal GDP increased at the same rate, there was no change in prices, only output.
B. nominal GDP rose more than real GDP, both prices and output must have increased.
C. real GDP rose more than nominal GDP, output must have increased more than prices.
D. real and nominal GDP increased at the same rate, there was no change in output, only prices.
Sarah is able to take out a loan for $5000 for one year at an annual interest rate of 10 percent. After calculating her return to be $450, Sarah will:
A. make $450 on net, and should take out the loan. B. lose $450 on net, and should not take out the loan. C. make $50 on net, and should take out the loan. D. lose $50 on net, and should not take out the loan.
Economists place cartels among the least-desirable forms of market organization.
Answer the following statement true (T) or false (F)