The marginal revenue product of capital is
a. the increase in output that results from employing one more unit of capital
b. the increase in profit that results from employing one more unit of capital
c. the increase in revenue that results from employing one more unit of labor
d. the increase in revenue that results from employing one more unit of capital
e. the increase in profits that results from employing one less unit of labor
D
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Since few Americans would ever be willing to pay more for a sandwich than for a pair of jeans,
A) for most Americans clothing is more important than food. B) for most Americans clothing is more valuable than food. C) for most Americans clothing has more monetary value than food. D) most Americans derive their values from the culture rather than biological necessities. E) most Americans have little difficulty obtaining enough to eat.
If an economy is operating at a point inside the production possibilities curve, then
A) society's resources are being inefficiently utilized. B) the curve will move to the left. C) society's resources are being used to produce too many consumer goods. D) economic policy must implemented to slow growth of the economy further.