Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker is

The population of a small town is 5,000. There are 4,000 people in the labor force, and 3,000 people are employed. The unemployment rate equals

A) 25 percent. B) 60 percent. C) 75 percent. D) an undetermined amount given the lack of information.

If an economy is allocatively efficient, it must be producing

A) beyond its production possibilities frontier. B) inside its production possibilities frontier. C) on its production possibilities frontier. D) the goods and services that are the most expensive. E) the goods and services that are the least expensive to produce.

The optimal level of pollution is

a. zero b. the level at which the marginal social cost of air quality equals the marginal social benefit c. the level at which the average social cost of air quality equals the average social benefit d. the level at which the total social cost of air quality equals the total social benefit e. the level at which the marginal social cost of air quality is minimized

An asset used to secure a loan is called.

A. collateral. B. a retainer. C. a down payment. D. an investment.