If 9 workers can produce 1,550 units of output and 10 workers can produce 1,700 units of output, then the marginal product of the 10th worker is
A) 1,700 units.
B) 1,550 units.
C) 150 units.
D) 170 units.
E) 155 units.
C
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The natural rate hypothesis concludes that the inflation rate increases, then in the short run there is
A) a downward movement along the short-run Phillips curve. B) an upward movement along the short-run Phillips curve. C) no change at all in the short-run Phillips curve. D) an upward shift of the short-run Phillips curve. E) a downward shift of the short-run Phillips curve.
The Fed's most important and most frequently used tool of monetary policy is
A) moral suasion. B) open-market operations. C) changes in the discount rate. D) changes in required reserve ratios.
Expenditure switching refers to
A) a switching back and forth between investment and consumption expenditures. B) a switching back and forth between domestic and foreign goods in response to changes in the exchange rate. C) a switching back and forth between domestic and foreign goods in response to changes in the interest rate. D) a switching of back and forth in the current account from a deficit to a surplus and vice versa.
Which of the following contains most of the characteristics of a public good?
A. vaccinations B. a public park C. a civil defense system D. metal recycling