In the diagram, total product will be at a maximum at:
A. Q 3 units of labor.
B. Q 2 units of labor.
C. Q 1 units of labor.
D. some point that cannot be determined with the above information.
A. Q 3 units of labor.
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Proponents of the notion of a "political business cycle" suggest that:
A. a possible cause of economic fluctuations is due to the use of fiscal policy for political purposes. B. cyclical swings in the economy are produced by the inherent instability found in capitalist economies. C. the cyclically adjusted budget is a better indicator of the state of the economy than the actual budget. D. there is a trade-off among goals that tends to make the economic policies of state and local governments procyclical.
A key decision that all firms make is which technology to use in the production of their products.
Answer the following statement true (T) or false (F)