A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, what is the marginal product of the 5th unit of labor?
A. 4
B. 3
C. 5
D. 5.2
Answer: B
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A small open economy has a current account balance of zero. A rise in the world real interest rate causes
A) a current account surplus. B) a financial account surplus. C) net borrowing from abroad. D) absorption to exceed income.
Society is likely to over-allocate resources to produce goods that
A) are public goods. B) are merit goods. C) generate positive externalities. D) generate negative externalities.
Investment, as a part of GDP, includes:
A. stocks. B. bonds. C. gold. D. factories.
Michael starts his own business after quitting his job in which he made $75,000. Expenses include $100,000 for wages and salaries, which includes a wage for the owner of $75,000, utilities of $5000, equipment of $50,000, and materials of $40,000. If revenues are $200,000, Michael's accounting and economic profits are respectively
A. -$70,000 and $5,000. B. $80,000 and $5,000. C. -$70,000 and -$70,000. D. $5,000 and $5,000.