When total product is maximized, marginal product
A. and average product are zero.
B. is positive, but average product is zero.
C. and average product are positive.
D. is zero, but average product is positive.
Answer: D
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If an economy's growth rate of real GDP is 3 percent per year and the growth rate of the population is 2.5 percent per year, the growth rate of real GDP per person is
A) 3 - 2.5 = 0.5 percent per year. B) 3 + 2.5 = 5.5 percent per year. C) 2.5 - 3 = -0.5 percent per year. D) [(3 - 2.5 ) ÷ 2.5] × 100 = 20 percent per year. E) [(2.5 - 3 ) ÷ 3] × 100 = 16.6 percent per year.
Super Haulers is a hauling company and delivers large and heavy materials to construction job sites. Super Haulers is considering purchasing a new dump truck that costs $200,000 and the managers of Super Haulers have estimated that the new dump truck will generate $50,000 a year in future operating profit for the next four years. At the end of four years, Super Haulers can sell the dump truck at
a salvage price of $26,000. If the discount rate is 6 percent, what is the net present value of the dump truck? A) -$6,150 B) $3,583 C) $5,228 D) -$744
What is most accurate about the United States' trading patterns between 1850 and 1900?
a. The US exported more finished manufacturers in 1850 than it did in 1900. b. Raw materials accounted for a greater share of US imports in 1850 than they did in 1900. c. Manufactured and raw foodstuffs accounted for about 75% of exports in both 1850 and 1900. d. In 1850, the US's largest export was raw materials and its larges import was finished manufacturers.
What assumptions are made to create a model to determine short-run changes in exchange rates using the asset approach?
a. Prices are completely flexible. b. In the long run, money is neutral. c. Prices are sticky, yet nominal interest rates are flexible. d. Prices and nominal interest rates are sticky.