The change in total output obtained from using an additional unit of a variable input, holding other inputs constant is;
(a) Average Product.
(b) Marginal Product.
(c) Total Product.
(d) Average Revenue.
Answer: (b) Marginal Product.
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The figure above shows the U.S. supply of labor curve. An increase in the income tax rate leads to a
A) movement downward along the supply of labor curve from a point such as A to a point such as B. B) leftward shift of the supply of labor curve. C) rightward shift of the supply of labor curve. D) movement upward along the supply of labor curve from a point such as C to a point such as B. E) None of the above answers is correct because there is no change in the supply of labor curve.
Refer to Figure 19-12. The graph above, depicts supply and demand for U.S. dollars during a trading day. At a fixed exchange rate of 0.30 pounds per dollar, the dollar is ________ versus the pound
A ________ of the dollar would correct the fundamental disequilibrium that exists in this market. A) overvalued; revaluation B) overvalued; devaluation C) undervalued; devaluation D) undervalued; revaluation
Perfectly competitive markets:
A. tend to have relatively few sellers. B. are more of an idealized model economists use than a real-life occurrence. C. tend to have relatively few buyers. D. are the most common type of market in the United States.
The monetarist transmission mechanism through which monetary policy affects the price level, real GDP, and employment depends on the