Refer to Figure 7.1. What is the average product of 20 workers?
A. 1.1 units of output
B. 22 units of output
C. 2 units of output
D. 8 units of output
A. 1.1 units of output
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A public good or service can be consumed by paying and nonpaying customers alike
a. True b. False Indicate whether the statement is true or false
The opportunity cost of working is the
A. Wage rate. B. Amount of leisure time that must be given up in the process. C. Earnings that could be made in an alternative job. D. Amount of consumption that is made possible.
An increase in US real interest rates relative to the rest of the world can be expected to
a. encourage investment spending by US firms in the US b. decrase the capital flow into the US c. cause a net outflow of foreign captial from the US d. increase the international value of the dollar e. improve the situation for exporters
If the cross-price elasticity between ketchup and hamburgers is ?2.5, a 2 percent increase in the price of ketchup will lead to a:
A. 5 percent drop in quantity demanded of hamburgers. B. 5 percent drop in quantity demanded of ketchup. C. 5 percent increase in quantity demanded of hamburgers. D. 5 percent increase in quantity demanded of ketchup.