Cindy's Sweaters' production function is shown in the above table. What is the marginal product of labor when the 4th worker is hired?
A) 4 sweaters per day
B) 2 sweaters per day
C) 20 sweaters per day
D) 5 sweaters per day
B
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Under the initial Bretton Woods system,
a. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate determined by supply and demand b. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate of $35 per ounce c. foreign currencies could be converted into gold at a rate determined by supply and demand d. foreign currencies could be converted into gold at a rate of $35 per ounce e. gold was the international medium of exchange
A profit-maximizing firm that is operating in the short run will sell an additional unit of output as long as: a. as doing so reduces the firm's per-unit costs
b. doing so reduces the firm's marginal costs. c. doing so adds more to revenue than it adds to cost. d. there is additional plant capacity with which to produce.
The terms of trade
a. equal the equilibrium price in a competitive market b. equal a nation's imports minus its exports c. determine whether specialization according to comparative advantage is economically rational d. are equal to 1.0 in market equilibrium e. determine how the gains from international trade are distributed among countries
Exhibit 6A-4 Consumer equilibrium
?
Given the budget line and indifference curves shown in Exhibit 6A-4, at point D:
A. Px exceeds Py. B. MRS = Px / Py. C. MUx = MUy. D. MRS = Py / Px.