Assume the total product of two workers is 110 and the total product of three workers is 120. The three worker's average product is ________ while the third worker's marginal product is ________.
A. 50; 10
B. 40; 10
C. 120; 110
D. 40; 20
Answer: B
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An individual whose attitude toward risk is illustrated in Figure 5.1 is
A) risk averse. B) risk loving. C) risk neutral. D) None of the above is necessarily correct.
When computing the cost of the basket of goods and services purchased by a typical consumer, which of the following changes from year to year?
a. the quantities of the goods and services purchased b. the prices of the goods and services c. the goods and services making up the basket d. All of the above are correct.
The following input-requirements data are for Country A, a capital-abundant country that produces nothing but bread and wine using only capital and labor as inputs. 1 Pound of Bread1 Gallon of WineCapital Input5 units20 unitsLabor Input4 units10 units Following the opening of trade, Country A would probably
A. import both goods. B. export bread and import wine. C. export both bread and wine. D. export wine and import bread.
Which one of the following would shift the aggregate demand curve to the left?
A. an increase in the money supply B. an increase in government spending C. an increase in exports D. an increase in taxes