Refer to the accompanying table. To increase output from 99 to 132 units requires ________ extra employees per day; to increase output from 132 to 165 units requires ________ extra employees per day.Output Per DayNumber of Employees Per Day00331662994132716511
A. 7; 11
B. 3; 4
C. 11; 18
D. 4; 3
Answer: B
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Balance of payments deficits arise whenever the exchange rate is pegged at an artificially high level.
Answer the following statement true (T) or false (F)
Refer to the table below. Marginal product is largest for the:
The question is based on the following table that provides information on the production of a product that requires one variable input.
A. Second unit of variable input
B. Third unit of variable input
C. Seventh unit of variable input
D. Ninth unit of variable input
When a price support is set above the equilibrium price, producers ________ the quantity supplied and consumers ________ the quantity demanded
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) do not change; do not change
The slope of a production possibilities frontier measures the ________ of producing one more unit of a good
A) marginal cost B) marginal revenue C) total revenue D) opportunity cost