If 11 workers can produce 53 units of output while 12 workers can produce 56 units of output, what is the marginal product of the 12th worker?

A) 0.16
B) 3
C) 4.67
D) 36


Answer: B

Economics

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If the government of a country does not intervene in the foreign exchange market, then the country is said to have a:

A) flexible exchange rate system. B) managed exchange rate system. C) nominal exchange rate system. D) fixed exchange rate system.

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Which of the following is an advantage of starting a new business as a partnership?

A) Business profits are not taxed. B) A partnership has few government rules and regulations to comply with. C) The owners have limited personal liability. D) A partnership can easily attain additional funding.

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Refer to Table 2-7. What is Minnie's opportunity cost of making an umbrella?

A) 1/10 of a hat B) 1/4 of a hat C) 4 hats D) 40 hats

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Suppose the equilibrium real federal funds rate is 2 percent, the target rate of inflation is 2 percent, the current inflation rate is 4 percent, and real GDP is 2 percent above potential real GDP

If the weights for the inflation gap and the output gap are both 1/2, then according to the Taylor rule the federal funds target rate equals A) 4 percent. B) 6 percent. C) 8 percent. D) 10 percent.

Economics