The table shows some data that describes Tom's T-Shirts' total product when Tom's has 1 sewing machine. When 4 workers are employed, ________
A) average product of labor is a maximum
B) marginal product of labor is less than average product of labor
C) marginal product of labor exceeds average product of labor
D) marginal product of labor equals average product of labor
B
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Another name for a surplus is
A) excess quantity supplied. B) excess quantity demanded. C) equilibrium. D) market clearing.
According to the graph shown, if this economy were open to free trade, and decided to impose a tariff, the domestic quantity supplied would increase from:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. 815 to 1500.
B. 815 to 1150.
C. 250 to 500.
D. 250 to 815.
The speculative motive for holding money reflects the behavior of people who hold money
a. instead of near money b. to transact purchases they expect to make c. as insurance against unexpected needs d. to speculate in the stock market e. to take advantage of anticipated or hoped for changes in interest rates
An economic model suggests that for every additional year of education, the future wages increase by 5 percent
If Richard, with 12 years of education, earns $20 per hour, how much will he earn per hour if he decides to undertake four additional years of education?