Refer to Table 11-2. What is the average product of labor when the orchard employs 5 workers?
A) 270 bushels B) 54 bushels C) 40 bushels D) 8 bushels
B
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Is there any set of relationships between price elasticity of supply and total revenue similar to the relationships between price elasticity of demand and total revenue?
What will be an ideal response?
When resources are used efficiently, you can produce more of one good, ceteris paribus, only by: a. printing more money
b. charging a lower price for output. c. charging a higher price for output. d. producing less of another good.
It is likely that, if we could measure the quality as well as the quantity of education,
a. the human-capital argument would become less compelling as a means of explaining wage differentials between white workers and black workers. b. the human-capital argument would become less compelling as a means of explaining wage differentials between male workers and female workers. c. wage differentials between white workers and black workers would be more puzzling than they are now. d. wage differentials between white workers and black workers would be more fully explained.
An important determinant of a country's standard of living is the amount of __________ it typically experiences
Fill in the blank(s) with correct word