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Question
Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 12th worker?
A) $1035
B) $135
C) $90
D) $1.50
Answer
This answer is hidden. It contains 1 characters.
Related questions
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The purpose of an effluent fee imposed on a firm isA) to increase output of its product by increasing the resources allocated to production.B) to increase output of its product by reducing the resources allocated to production. C) to reduce output by increasing production costs thereby reducing resources used. D) none of the above
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Refer to the above figure. At a price of $2 per gallon, there isA) a surplus of 20,000 gallons per month. B) a shortage of 40,000 gallons per month.C) a shortage of 80,000 gallons per month. D) a shortage of 60,000 gallons per month.
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Q:
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Q:
Which of the following is NOT an example of investment in human capital?
A) A medical studentʹs internship
B) The purchase of a personal computer for playing games
C) A mechanic attends a training workshop on a new type of engine
D) Johnny learns how to read
Q:
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Q:
Economic growth can be pictured in a production possibilities curve diagram byA) shifting the production possibilities curve in. B) shifting the production possibilities curve out.C) making the production possibilities curve straighter.D) moving from a point inside the production possibilities curve to a point on the curve.
Q:
The exchange rate for a foreign currency that is determined by supply and demand isA) a fixed exchange rate. B) a controlled exchange rate. C) a constrained exchange rate. D) a flexible exchange rate.
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Markets tend to underallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Markets tend to overallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Q:
The law that created the high level of tariffs in United States in the 1930s isA) the GATT Act.B) the World Trade Act.C) the Smoot-Hawley Act. D) the Tariffs Agreement Act.
Q:
Which of the following statements is FALSE?
A) The rationing function of prices is not allowed to freely operate when the government imposes price controls.
B) Price controls may take the form of price ceilings or price floors.
C) Price ceilings below the equilibrium price can cause black markets to develop.
D) Rent controls are examples of price floors.
Q:
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Q:
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Q:
Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
Q:
When a tariff is imposed, the supply curve for the imported goodA) shifts downward and to the right.B) shifts upward and to the left. C) does not change. D) becomes perfectly inelastic.
Q:
In order to be effective, a price floorA) must be set below equilibrium price. B) must be set above equilibrium price. C) must be set at equilibrium price.D) must be a zero price.
Q:
Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
Q:
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A movement along the production possibilities curve would imply thatA) the labor force has grown.B) productivity has increased.C) society has chosen a different set of outputs.D) productivity has declined because workers are demanding more leisure.
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Goods X and Y are complementary goods. An increase in the price of good X has occurred. In the market for good Y this will lead toA) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
Q:
The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.