In the above figure, the maximum number of units that 4 workers can produce is
A) 5 units.
B) 10 units.
C) 15 units.
D) more than 15 units.
C
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Which of the following characteristics is least unique to a market system?
A. the widespread use of money B. freedom of enterprise and choice C. private ownership of property resources D. competition among buyers and sellers pursuing monetary returns
An increase in the value of the marginal product of labor has the effect of increasing the
a. demand for labor. b. wage. c. quantity of labor employed. d. All of the above are correct.
A negative relationship between the quantity demanded and price is called the law of ______.
A) demand B) diminishing marginal returns C) market clearing D) supply
Considering the law of one price, evidence in the foreign exchange markets over brief intervals shows:
A. the law works most of the time. B. the law only works in the very short run. C. this is the closest thing to a perfect law in economics. D. that the law fails most of the time.