The above table shows the total product of producing baseball hats. The marginal product of the 4th worker is equal to
A) 25 baseball hats.
B) 21 baseball hats.
C) 7 baseball hats.
D) 6.25 baseball hats.
C
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The quantity theory of money is based on the formula that
A) V = P*Y*Ms. B) Y = P*V/Ms. C) Ms= P*V/Y. D) P = Ms*V/Y.
When accounting profits are negative, economic profits
A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.
An indication that Insurance companies anticipate adverse selection is
a. they do not require a deductible b. they classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
Another term for "economic models" is
A. economic systems. B. economic institutions. C. economic theories. D. economic science.