In the figure above, the marginal product of the second worker is
A) 10 units.
B) 5 units.
C) 2 units.
D) 1 units.
B
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Which of the following statements is TRUE?
A) An increase in the price of gasoline will decrease the demand for gasoline. B) An increase in the price of gasoline will increase the quantity demanded of gasoline. C) An increase in the price of gasoline will increase the supply of gasoline. D) An increase in the price of gasoline will increase the quantity supplied of gasoline.
If firms do not increase their quantity supplied when price changes, then supply is
A) elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
In 1865 Jevons wrote a book, The Coal Question, in which he predicted that England would soon
a. switch from coal to alternative sources of energy b. discover new sources of coal that would create a glut c. go to war with Spain over access to coal deposits d. increase its productivity and become a greater economic power e. run out of coal
A "money market deposit account" is a(n)
A) checking account that pays no interest. B) bank account with a specified maturity date. C) store of Federal Reserve Notes held in bank vaults to cash checkable deposits on demand. D) checking account created from an automatic transfer from a savings account. E) interest-earning account at a bank or thrift institution that usually has a minimum balance requirement.