The change in total output attributable to the last unit of an input is the:
A. marginal product.
B. total product.
C. average product.
D. marginal return.
Answer: A
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In the circular flow model, the factors of production flow in the
A) opposite direction as does the goods market. B) opposite direction as does the government. C) same direction as do the rents, wages, interest, and profits. D) opposite direction as do the rents, wages, interest, and profits. E) same direction as does the goods market.
Most water pollution in the United States comes from manufacturing sites
a. True b. False
If Gloria is woman in a developing country, then it is likely that
a. she is less educated than most men in her country b. her brother has dropped out of high school, but not she has graduated c. she has more employment opportunities and earns higher wages than her male classmates d. she and other women will not have to work long hours in agriculture e. she has special access to resources such as land, capital, and technology
Suppose a local bookstore notices that a 2 percent increase in book prices leads to a 2 percent decrease in the number of books sold. Which of the following is true?
a. Demand for books is price elastic. b. The store's sales revenue did not change. c. Demand for books is price inelastic. d. Demand for books is perfectly inelastic. e. The bookstore could increase revenue by further lowering prices.