Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the second worker?
A) $100
B) $20
C) $30
D) $125
A
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The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns
A) end when the fourth worker is hired. B) occur at all levels of employment. C) occur as long as output increases. D) end when the second worker is hired. E) never occur.
Real GDP per person is slowly converging around the world
Indicate whether the statement is true or false
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The AD curve is:
A. the combination of money and velocity growth rates that add up to a constant amount. B. the combination of inflation rates and real growth rates that add up to a constant amount. C. vertical at the economy's long-run real GDP growth rate. D. horizontal at the economy's long-run inflation rate.