Exhibit 7-1 Production of pizza data
Workers
Pizzas
0
0
1
4
2
10
3
15
4
18
5
19
Exhibit 7-1 shows the change in the production of pizzas as more workers are hired. The marginal product of the labor input begins to fall with the employment of the
A. first worker.
B. second worker.
C. third worker.
D. fourth worker.
Answer: C
You might also like to view...
Refer to Above Figure, an increase in population would be represented by a movement from
a. S1 to S2 b. D1 to D2 c. B to A d. B to C.
Because of the choices people make in the pursuit of profit, new growth theory argues that
A) technology growth slows down in the long-run. B) population growth increases will bring real GDP per person back to subsistence level. C) the capital stock experiences diminishing returns. D) the economy can enjoy persisting economic growth.
How did the United States become a net debtor in the 1980s? Is our foreign debt a significant problem? Explain
What will be an ideal response?
Which of the following statements are correct about the age-earnings cycle?
A) Earnings generally increase up till age 30 and then steadily decrease. B) Earnings increase throughout a prison's lifetime until they reach retirement. C) Earnings increase with age because workers become more productive as they age until around 50 years. Around 50 the effects of aging outweighs the further increases in productivity. D) Since every person is different we can reach no general conclusions about the age-earnings cycle.