Refer to Table 10.2. The marginal product of the fifth unit of labor is:
A. 50.
B. 40.
C. 30.
D. 20.
Answer: C
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About how many malnourished children under age five are there in the developing world?
a. 20 million b. 150 million c. 500 million d. 1 billion e. 2 billion
Refer to Scenario 3. Diminishing marginal returns are incurred when output is increased from:
A) 1 to 2 units of output. B) 2 to 3 units of output. C) 3 to 4 units of output. D) 4 to 5 units of output.
Which of the following statements is true?
a. TC = TFC ? TVC. b. AVC = TC / Q. c. TFC = TC ? TVC. d. MC equals the change in ATC divided by the change in Q.
The human-capital theory of education maintains that workers who complete specific levels of education enhance their productivity through education
a. True b. False Indicate whether the statement is true or false