Answer the next question(s) based on the data contained in the following table.Units of LaborTotal ProductProduct Price00$2.201152.002281.803391.604481.405551.206601.10Assume that the firm is hiring labor in a purely competitive market. If the wage rate is $20, how many workers will the firm choose to employ?
A. 5
B. 4
C. 3
D. 2
Answer: D
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Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. The expected value of the payoff is _____ for the first game and _____ for the second game.
A. $5.00; $4.50 B. $5.75; $4.50 C. $4.50; $5.75 D. $5.75; $5.25
Which of the following is most likely to result from a rising household debt/income ratio?
a. Household income will rise rapidly. b. Household consumption will fall as a share of income. c. Households will be in a better position to deal with unexpected events that force major adjustments. d. A larger share of household income will be required to meet interest payments on debt.
If the price of a good in a closed economy is lower than the world price, then with an open economy this country will be a ________ of that good.
A. price setter B. net importer C. price taker D. net exporter
Contracting for Lawn Mowing Services An apartment owner advertises for lawn mowing services for a number of apartments he owns. He has some idea of the going price and so he advertises that he will pay $100 per month per apartment complex. So why is he disappointed that the winning contractor only provides minimal services?