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Question
Refer to the graph shown, which shows total product. At point A:
A. marginal product is at its minimum point.
B. marginal product is at its maximum point.
C. marginal product is zero.
D. average product per worker is at its maximum point.
Answer
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Related questions
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The market where businesses sell goods and services to households and the government is called the: A. goods market.
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Capitalism and socialism have not existed forever. Capitalism came into existence in the: A. mid-1800s and socialism came into existence in the early 1900s.
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C. cooperate with one another to meet their needs.
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Consider the following information, which provides percentage change in GDP per year: Given this information, which of the following statements is true? A. GDP in 2010 is less than in 2009.
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The slope of a line is zero when it is: A. horizontal.
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B. the higher-paying company will attract the more creative and innovative pickers and the lower-paying company will attract the others.
C. the lower-paying company will attract the more creative and innovative pickers and the higher-paying company will attract the others.
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Refer to the graph shown. Suppose Country X exports agricultural goods to Country Y in exchange for industrial goods. This pattern of trade increases consumption in both countries only if: A. X and Y share production possibility curve A.
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Q:
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B. From C to D to A to B in diagram a
C. From X to Y to X to Z in diagram b
D. From X to Z to X to Y in diagram b
Q:
Refer to the graph below. If the production possibility curve shifts along the Good Y axis, which point will remain as a point of efficiency? A. A
B. B
C. C
D. D
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In election campaigns, presidents often promise more of everything (that is, more guns and more butter). What would help those elected president fulfill that promise?A. The economy becomes more efficient.B. The United States limits imports into the country.C. Illegal immigration into the United States is severely limited.D. A minimum wage bill is passed.
Q:
If you move from a point inside the production possibility curve to a point on the production possibility curve, it follows that efficiency is: A. increased because the economy is now on the production possibility curve.
B. increased only if production of both goods increases.
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D. reduced if less of one good is produced.
Q:
To graphically demonstrate the principle of increasing marginal opportunity cost, the production possibility curve must be: A. flat.
B. straight.
C. bowed out.
D. bowed in.
Q:
The principle of increasing marginal opportunity costs states that the initial opportunity costs are: A. high but decrease the more you concentrate on the activity.
B. low but increase the more you concentrate on the activity.
C. high but increase the more you concentrate on the activity.
D. low but decrease the more you concentrate on the activity.
Q:
This production possibility table illustrates: A. increasing marginal opportunity cost.
B. decreasing marginal opportunity cost.
C. constant marginal opportunity cost.
D. zero opportunity cost.
Q:
Given the production possibility curve shown, the opportunity cost of listening to each additional CD when moving from point B to point A is on average: A. ½ article.
B. 1 article.
C. 2 articles.
D. 3 articles.