Using the above table, the average product and marginal product when 4 workers are employed are
A. 13 and 13, respectively.
B. 14 and 13, respectively.
C. 13 and 9, respectively.
D. 13 and 14, respectively.
Answer: A
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The term capital consumption allowance is defined as:
a. the amount of net interest in an economy each year. b. the estimated value of depreciation and obsolescence in investment goods. c. the difference between exports and imports. d. the disposition of disposable personal income. e. the difference between earnings not received and receipts not earned.
The City Symphony presents three open-air concerts in the city park pavilion during the spring and summer. Many who attend make donations for symphony expenses, but the donation is not required. Some who attend make no contributions. Economists would
A. classify the noncontributors as detrimental externalities. B. call the concerts excludable events. C. call the noncontributors free riders. D. call the concerts depletable goods.
If the reserve ratio is 15 percent, and banks do not hold excess reserves, and people hold only deposits and no currency, then when the Fed sells $25.5 million worth of bonds to the public, bank reserves
a. increase by $25.5 million and the money supply eventually increases by $382.5 million. b. increase by $25.5 million and the money supply eventually increases by $170 million. c. decrease by $25.5 million and the money supply eventually decreases by $382.5 million. d. decrease by $25.5 million and the money supply eventually decreases by $170 million.
Which of the following statements is TRUE?
A) If a firm is experiencing economies of scale, diminishing marginal product has not set in yet. B) No firm would ever operate at a level of output for which it experiences diseconomies of scale. C) A firm can experience diminishing marginal product and economies of scale at the same time. D) Diseconomies of scale is a short-run concept, while economies of scale is a long-run concept.