Refer to the information provided in Figure 7.3 below to answer the question(s) that follow. 
Figure 7.3Refer to Figure 7.3. The average product of the first worker is ________ yards raked.
A. 4
B. 10
C. 14
D. 27
Answer: B
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The object of diversification is
A) to reduce risk and fluctuations in income. B) to reduce risk, but not to reduce fluctuations in income. C) to reduce fluctuations in income, but not to reduce risk. D) neither to reduce risk, nor to reduce fluctuations in income.
Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. c and d. b. Extra profit is zero. c. Extra profit is enough to cover half of the fixed cost of your next trip. d. Extra profit is enough to cover all of the variable costs of your next two trips. e. Extra profit is $45,000.
When people believe that an economic fluctuation is both permanent and caused by supply-side events, the result is ______.
a. a positive relationship between the unemployment and inflation rates b. a negative relationship between the unemployment and inflation rates c. high unemployment rates and low inflation rates d. low unemployment rates and high inflation rates
Which of the following statements about a perfectly competitive market are TRUE?I.The perfectly competitive industry faces an upward sloping labor supply curve.II.The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve.
A. I only B. II only C. both I and II D. neither I nor II