In the above table, what is the marginal revenue product of the 2nd worker?
A) $99
B) $70
C) $110
D) $9
A
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All of the following are surplus items on the balance of payments accounts EXCEPT
A) U.S. residents purchases of gold from foreign residents. B) foreign tourists spending funds in the United States. C) exports of merchandise. D) sales of U.S. dollars to foreign residents.
The price of a good will tend to rise when
a. there is excess demand for the good. b. there is excess supply of the good. c. demand for the good decreases. d. the supply of the good increases.
Which of the following examples would make banks most likely to give loans?
a. A bank receives $10 million from the Fed; interest rates are at 1 percent. b. A bank receives $5 million from the Fed; interest rates are at 7 percent. c. A bank receives $2 million from the Fed; interest rates are at 4 percent. d. A bank receives $1 million from the Fed; interest rates are at 5 percent.
A consumer has been buying 3 magazines and 2 books a month for many months. The price of books then increases. To attain a new optimum, the consumer will
A) buy more magazines because they are now relatively more valuable than they were before, while continuing to buy the same number of books. B) buy more books because they are now relatively more valuable than they were before. C) buy the same number of books and magazines as before because they provide different types of utility. D) buy fewer books than before because they are relatively more expensive than they were before.