Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 10 to 11 units?
A. 10
B. 5
C. 60
D. 50
Answer: A
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A particularly severe recession is called a(n):
A. lull. B. growth recession. C. depression. D. super recession.
A reduction in the price charged for luncheon specials by a downtown cafeteria will
A) affect the demand (curve) for that cafeteria's luncheons if its competitors react. B) have no effect on the demand for lunch at other downtown restaurants. C) increase the cafeteria's gross revenue from lunch business. D) increase the cafeteria's net revenue from lunch business if the demand is elastic. E) increase the cafeteria's net revenue from lunch business if the demand is inelastic.
The table above gives some of the entries in the national income and product accounts. What is the value of exports?
A) $350 billion B) $300 billion C) -$25 billion D) $25 billion
For a firm in monopolistic competition, the marginal cost curve intersects the average total cost curve
A) at the minimum average total cost. B) to the left of the minimum average total cost. C) to the right of the minimum average total cost. D) at no point.