If the marginal revenue product of land is less than its price, a firm should
A. increase the price it is willing to pay for land.
B. use more land.
C. use less land.
D. try to increase the productivity of land.
Answer: C
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Economic growth is usually defined as
A) the increase in output over time, as measured by real per capita Gross Domestic Product (GDP). B) the reduction in the real cost of necessities. C) the rate of increase in output divided by the increase in labor. D) the increase in input availability.
Which of the following is true? I. A rational choice is always made in the pursuit of social interest. II. Economics is a social science. III. Economists try to understand how the economic world works by testing positive statements.
A. A rational choice is always made in the pursuit of social interest. B. ii and iii C. only i D. only ii E. only iii F. i and ii Reset Selection
Which of the following is correct?
a. Labor force = number of employed. b. Labor force = population - number of unemployed. c. Unemployment Rate = number of unemployed (number of employed + number of unemployed) 100. d. Unemployment Rate = number of unemployed adult population 100.
Briefly explain how divorce and the number of breadwinners in a household affect calculations of inequality. Give an example.
What will be an ideal response?