If the marginal product of a worker is 10 units and each unit of the good is sold for $5, the value of marginal product of the worker is:
A) $2.
B) $5.
C) $10.
D) $50.
D
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The MPC is 0.90 and there are no income taxes or imports. If government expenditures on goods and services increases by $2.0 billion, after the multiplier effect works out, aggregate expenditure increases by
A) $2.22 billion. B) $2.0 billion. C) $10 billion. D) $20 billion. E) $1.8 billion.
Select the phrase that correctly completes the following statement. "A decrease in the expected future price caused an increase in the supply of smartphones. As a result,
A) the price of smartphones decreased and the demand for smartphones increased." B) the price of smartphones decreased. The lower price caused the supply of smartphones to decrease." C) the price of smartphones decreased and the quantity of smartphones demanded increased." D) the equilibrium quantity of smartphones decreased."
Which of the following situations probably would not yield a negative externality?
A. a rock concert in the quad next to the library B. one person who is smoking cigarettes in a closed room where several other people are present C. a tutor quietly instructs a student in economics as a bystander willingly listens in without the tutor knowing it D. mowing your lawn early on a Saturday morning when you live in a densely populated neighborhood E. All of the above situations would yield negative externalities.
Which of the following statements best describes the potential gains from trade?
a. The potential for gains from trade may be especially low among the smaller and lower income countries of the world. b. The potential for gains from trade may be especially high among the smaller and lower income countries of the world. c. The potential for gains from trade may be especially high among the medium and larger income countries of the world. d. The potential for gains from trade may be especially high among the smaller and medium income countries of the world.