Red Stone Creamery currently hires 5 workers. When it added a 6th worker, its output actually fell. Which of the following statements is true?
A) The marginal product of the sixth worker must be negative.
B) The average product of the sixth worker is negative.
C) The sixth worker is not as skilled as the fifth worker.
D) The total product becomes negative.
Answer: A
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As a result of U.S. tariffs imposed on wool from New Zealand, the quantity of this wool that is imported has
A) not changed. B) increased a lot. C) decreased. D) increased a little. E) changed but whether it has increased or decreased is ambiguous.
Efficiency wage is another name for the minimum wage
Indicate whether the statement is true or false
Suppose your instructor gave hats with your school's logo to half of your economics classmates. She then asked these students to value the hats, and the average response was $9 per hat
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