When a bakery manager reports that at her bakery, productivity of her 15 workers last month was 1,800 loaves per worker, she is referring to the:
A. Total product of labor
B. Average product of labor
C. Marginal product of labor
D. Total product of capital
B. Average product of labor
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Stan owns a software design business. He does not have time to expand his office space or redesign the layout of his office
He can increase the amount of work he does by working more hours, asking his current employees to work more hours, or hiring more employees. The relationship between Stan's inputs and the maximum output his firm can produce is called his A) short-run production function. B) cost function. C) long-run production function. D) production possibilities frontier.
Consider a small economy in which consumers buy only two goods: pretzels and cookies. In order to compute the consumer price index for this economy for two or more consecutive years, we assume that
a. the percentage change in the price of pretzels is equal to the percentage change in the price of cookies from year to year. b. the number of pretzels bought by the typical consumer is equal to the number of cookies bought by the typical consumer in each year. c. neither the number of pretzels nor the number of cookies bought by the typical consumer changes from year to year. d. neither the price of pretzels nor the price of cookies changes from year to year.
When you set aside the money you have today in order to purchase goods and services later on, you are using money as a
A) store of value. B) medium of exchange. C) standard of deferred payment. D) unit of accounting.
A legal minimum on the price at which a good can be sold is called a
a. price subsidy. b. price floor. c. tax. d. price ceiling.