The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the ________ worker because ________
A) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker
B) 5th; output is maximized
C) 5th; output declines with the 6th worker
D) 3rd; the average product of labor is also increasing
E) 4th; the average product of labor is also increasing
A
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Refer to Figure 7-4. The efficient quantity of medical services is
A) 200. B) 500. C) 700. D) >700.
In the Ricardian model, comparative advantage is likely to be due to
A) scale economies. B) home product taste bias. C) greater capital availability per worker. D) labor productivity differences. E) political pressure.
Suppose the GDP implicit price deflator was 112.7 in 2013 and 116.0 in 2014. Therefore, the inflation rate in 2014 would be
A) 2.8%. B) 2.9%. C) 3.3%. D) 16%.
Which of the following is a characteristic of a good research paper?
A. A good research paper should contain a review of relevant literature. B. A good research paper should not have any published precedents. C. A good research paper should always be useful for policy implications. D. A good research paper should have more than one author.