If the marginal productivity of labor is constant for all levels of output, then the average productivity of labor
A) is constant.
B) equals the marginal productivity of labor.
C) Both A and B above.
D) Either A or B above but not both.
C
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A market equilibrium:
A. leaves unexploited opportunities for individuals. B. exploits all gains achievable through collective action. C. leaves no unexploited opportunities for individuals. D. maximizes total economic surplus.
Refer to the scenario above. If the individual places his bet on four pockets, his likelihood of winning is:
A) 1%. B) 4%. C) 8%. D) 10%.
The opportunity cost of the U.S. producing tea or coffee is measured by the value of the foregone production alternative—manufacturing or staples
Indicate whether the statement is true or false
Which of the following assets are counted in M1?
A. transaction deposits B. line of credit C. bonds D. mutual funds accounts