Refer to the table above. If the factory plans to hire a seventh worker whose marginal product is 15 pairs, the total output after he is hired will be:
A) 15 pairs.
B) 105 pairs.
C) 280 pairs.
D) 295 pairs.
D
You might also like to view...
Amber Crombie is a stay-at-home mom while her husband Fitch works two jobs. What can we clearly conclude?
A) Amber Crombie is unemployed. B) Fitch is employed. C) Amber Crombie is exploited. D) Fitch is exploited. E) All of the above are true.
What is the difference between an "increase in demand" and an "increase in quantity demanded"?
A) An "increase in demand" is represented by a movement along a given demand curve, while an "increase in quantity demanded" is represented by a rightward shift of the demand curve. B) There is no difference between the two terms; they both refer to a movement downward along a given demand curve. C) An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve. D) There is no difference between the two terms; they both refer to a shift of the demand curve.
Consider a nation with an endowment of iron ore and petroleum. If the nation specializes in the production of aluminum and gasoline instead of steel we can say that it is operating:
a. on its production possibilities curve. b. outside its production possibilities curve. c. inside its production possibilities curve. d. on the highest achievable production possibilities curve. e. on the lowest production possibilities curve.
Macroeconomic stability has been a high priority for the economic policies of the high-growth Asian economies
Indicate whether the statement is true or false