The Average Product of Labor is
A) the change in total product resulting from an extra unit of labor, holding other factors constant.
B) the ratio of output to the number of workers used to produce that output.
C) the amount of output that can be produced by a given amount of labor.
D) equal to the marginal product of labor when the average product is increasing.
B
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Economic growth is represented by a: a. leftward shift of a production possibilities curve
b. rightward shift of the long-run aggregate supply curve (LRAS). c. horizontal long-run aggregate supply curve (LRAS). d. downward shift of an aggregate production function.
Over the past twenty years, the number of small family farms has fallen significantly and in their place there are fewer, but larger, farms owned by corporations. Which of the following best explains this trend?
A) diseconomies of scale in farming B) economies of scale in farming C) diminishing returns to labor in farming D) declining productivity