A competitive firm sells its output for $60 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 20 units of output per day; the marginal product of the 11th worker is 16 units of output per day. The firm pays its workers a wage of $150 per day. For the 11th worker, the value of the marginal product of labor is
a. $480.
b. $960.
c. $1,200.
d. $2,400.
b
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The two most important developments in global capital markets over the last few decades are
A) the growth in FDI within developed countries and private capital flows to emerging economies. B) the growth in FDI to emerging economies and private capital flows within developed countries. C) the growth of cross-border mergers and acquisitions and the stabilization of exchange rate regimes. D) the growth of cross-border mergers and acquisitions and private capital flows within developed countries.
In 2010, the percentage of all U.S. families officially considered to be in poverty was approximately
a. 5 percent. b. 11 percent. c. 22 percent. d. 31 percent.
Build-Right Concrete Products produces specialty cement used in construction of highways. Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form:Q = aPbMc
where Q = yards of cement demanded monthly, P = the price of Build-Right's cement per yard, M = state tax revenues per capita, and PR = the price of asphalt per yard. The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below: 
height="198" width="577" />Given the above, the estimated cross-price elasticity of demand for cement relative to the price of asphalt is A. 0.6 B. 0.3 C. 1.2 D. 3.0 E. none of the above
A distinguishing feature of a public good is that it:
A. is not possible to exclude people who don't pay for the public good. B. is possible to exclude people who pay for the public good. C. may have external costs. D. is provided by the government.