Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 11th worker?
A. $13.64
B. $1.50
C. $150
D. $900
Answer: C
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Suppose a video craze in the United States makes a particular Japanese-produced video game very popular. This would tend to:
a. affect the U.S. balance of payments but not the balance of trade. b. reduce any existing balance of trade deficit in the United States. c. increase the balance of trade deficit of the United States d. increase the balance of trade surplus of the United States.
As the price level rises
a. people will want to hold more money, so the interest rate rises. b. people will want to hold more money, so the interest rate falls. c. people will want to hold less money, so the interest rate falls. d. people will want to hold less money, so the interest rate rises.
The MRP is the additional ___________ obtained by using one more unit of input.
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.