Use the information from the below table to answer following question(s).
In the above table, the marginal product of the fourth worker is
A. 30.
B. 20.
C. 25.
D. 15.
Answer: C
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Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower
A) marginal benefit; opportunity cost B) marginal cost; opportunity cost C) marginal benefit; marginal cost D) marginal cost; marginal benefit
Which of the following is a possible impact of a global savings glut on a small open economy?
A) interest rate would increase B) interest rate would decrease C) domestic savings would increase D) domestic investment would increase
An excess supply will cause price to fall
Indicate whether the statement is true or false
A family on a trip budgets $800 for meals and gasoline. If the price of a meal for the family is $50, how many meals can the family buy if they do not buy any gasoline?
a. 8 b. 16 c. 24 d. 32