The marginal product of the second widget worker hired is
A) 2.
B) 8.
C) 10.
D) 12.
C
You might also like to view...
The principle that consumers and firms optimize
A) is not helpful because some economic agents may behave irrationally. B) is helpful because it allows us to analyze how economic agents respond to changes in their environment. C) only applies to perfectly competitive markets. D) is helpful because it determines the available technology.
Suppose that milk producers expect that the price of milk is going to drop next week. This would cause
A) a decrease in the supply of milk today. B) an increase in the supply of milk today. C) an increase in the demand for milk today. D) the selling price of milk to rise today.
One important issue in the post-bellum currency debate concerned the coinage of silver by the federal government. Which of the following statements presents accurate information regarding the silver debate?
a. Silver circulated widely as money in the years immediately prior to the Coinage Act of 1873. b. The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price. c. Post-Civil War there was a fall in the output of American silver mines. d. Congress passed the Coinage Act in 1873 despite widespread public opposition to this legislation at the time.
Although it may be difficult to draw causal relationships, still statistical evidence shows that, over time,
a. there is no relationship between levels of saving and economic growth b. there is an inverse relationship between levels of saving and economic growth c. higher levels of saving are associated with lower levels of economic growth d. lower levels of saving are associated with lower levels of economic growth e. lower levels of saving are associated with higher levels of economic growth