With a fixed amount of capital, 300 workers produce 9,000 cars. The average labor productivity is
A. 0.03.
B. 3.
C. 27.
D. 30.
Answer: D
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What is meant by the term "marginal analysis"? Suppose an individual has to choose between renting four apartments at different distances from his place of work
The individual has to commute to work on five days of the week and as such will require different quantities of gasoline depending on the apartment he decides to rent. The monthly rents and expected gasoline consumption from each of the apartments is shown in the table below. If the price of gasoline is $5 per gallon, using marginal analysis, determine the optimum choice for the individual. Which principal is used for this optimization? What does it state? Apartment Gasoline Consumption (gallons per month) Rent ($ per month) 1 5 1,100 2 10 1,000 3 15 960 4 20 940
The Bretton Woods system
a. established fixed par values for currencies in terms of gold. b. was to be a system of adjustable pegs to the dollar. c. expected countries with persistent surpluses to devalue their currencies. d. was after the Great Depression in order to end the downturn.
The theory of ____________ holds that people will not vote if the costs of becoming informed and voting are too high, or if they feel their vote will not be decisive in the election.
a. irrational voting b. rational ignorance c. mathematical ignorance d. rational voting
Answer the following statement true (T) or false (F)
1) Demand is the active and supply the passive determinant of land rent. 2) Different rents on land reflect differences in the marginal revenue product of land. 3) The free-land era of U.S. history reflected a situation in which the quantity of land available at a zero price exceeded the quantity of land demanded. 4) Rent performs an incentive function, but no rationing function. 5) The interest rate is the price paid for the use of money.