If the units of variable input in a production process are 1, 2, 3, 4, and 5, and the corresponding total outputs are 30, 34, 37, 39, and 40, respectively. The marginal product of the fourth unit is:
a. 2.
b. 1.
c. 37.
d. 39.
a
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The percentage change in the quantity demanded of a good due to a percentage change in its price is referred to as the:
A) price multiplier. B) price elasticity of demand. C) shadow price of the good. D) consumer surplus.
A government regulation making it very difficult to fire workers will have what effect in the labor market?
a. Demand for workers will decrease. b. The number of people hired will increase. c. There will be no effect on the labor market. d. Companies will fire more people.
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing ________ while Rich should specialize in producing ________.
A. TVs; radios B. radios; TVs C. TVs; TVs D. radios; both goods
A simultaneous decrease in the demand and the supply of good X always leads to a decrease in the price of good X
Indicate whether the statement is true or false