If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was
A) -1 bushel of wheat.
B) 5 bushels of wheat.
C) 79 bushels of wheat.
D) 99 bushels of wheat.
Answer: C
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The supply of product X is unit-elastic if the price of X increases by ________ and, as a result of that price change, the quantity supplied ________
A. 8%; increases by 8%. B. 5%; increases by 7%. C. 7%; increases by 5%. D. 10%; stays the same.
The biggest problem thwarting economic growth in the poorest countries, compared to the richest countries, is:
A. a legal and/or political environment unfavorable to economic growth. B. outdated physical capital. C. insufficient human capital. D. no access to technology.
In the 1950s, about ________ of U.S. workers were in unions.
A. 3/4 B. 1/4 C. 1/2 D. 1/3
The "butterfly effect" describes a situation in which a minor change in input (e.g., a butterfly flapping its wings in one part of the world) can have a major effect on output (e.g., a windstorm developing in another part of the world). This aspect of chaotic systems illustrates their property of:
a) The reiterative feedback loop. b) Linearity. c) Preordained periodic behavior. d) The fractionation of outputs.