Activities designed to convert resources into goods and services is known as
A) supply.
B) consumption.
C) production.
D) scarcity.
Answer: C
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Labor productivity is equal to the quantity of
A) real GDP. B) real GDP consumed by the total population in one hour. C) real GDP produced by one hour of labor. D) workers employed during one hour. E) workers who are gainfully employed.
Farm productivity can always be improved by
a. transforming small plots into larger ones b. encouraging the use of modern equipment c. making sure that each farmer has land in each ecological zone d. encouraging monocropping e. none of the above
If a dinner guest was serious when she said that she could never get enough of your cooking, you would conclude that the marginal utility of your cooking for her was _____
a. negative b. zero c. increasing at an increasing rate d. positive e. more than total utility
Which of the following would lead to a rightward shift of the money demand curve?
a. Expectations that the interest rate will fall b. New substitutes for money become popular c. The use of electronic money increases d. Substitutes for money become less popular e. The use of credit cards increases