Fill out the table and answer the question below. 
The average product of labor when 4 units of labor are employed is
A. 22.
B. 19.
C. 16.
D. 20.
Answer: B
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Static gains from trade come about because trade causes consumers and producers to face a different set of prices
Indicate whether the statement is true or false
Today the greatest number of poor are ________ Americans, but the poverty rate for ________ Americans is higher.
A. white; Hispanic B. white; black and Hispanic C. black; Hispanic D. black; white
Which of the following stands true for income inequality?
a. The benefits of increased economic growth are widely shared in the First World countries. b. As a result of globalization, income inequality in China has decreased. c. The decrease in income inequality in China is an effect of socialist policies in that country. d. The gap between rich countries and globalized developing countries has shrunk. e. Internal migration has played a big role in reducing the income inequality in China.
A farmer with $1000 worth of crops in the field faces a .10 probability that a hail storm will destroy the value of her crop before she can harvest it. If she is risk averse, the most she would be willing to pay to insure against this loss is
a. $0. b. $10. c. $100. d. $900.