Suppose a firm currently produces 325 units of output per day with 15 workers. The firm is able to produce 340 units of output with a 16th worker. What is the marginal product of the 16th worker?
a. 10 units of output
b. 15 units of output
c. 16 units of output
d. 25 units of output
b
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Refer to Figure 18-6. If area X = 2,060, area Y = 240, and area Z= 2,700, calculate the Gini coefficient for Syldavia
A) 0.05 B) 0.12 C) 0.46 D) 0.85
Suppose that the production function for the economy is Y = AK0.2L0.8. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 1, real GDP is
A) $13,195.08. B) $16,000.00. C) $16,946.34. D) $28,000.00.
Commercial banks create money by: a. printing currency notes
b. charging processing fees on bank transactions. c. making loans out of excess reserves. d. investing in money market mutual funds.
Which of the following statements about a well-maintained yard best conveys the general nature of the externality?
a. A well-maintained yard conveys a positive externality because it increases the home's market value. b. A well-maintained yard conveys a negative externality because it increases the property tax liability of the owner. c. A well-maintained yard conveys a positive externality because it increases the value of adjacent properties in the neighborhood. d. A well-maintained yard cannot provide any type of externality.