At the Larson Bakery the marginal products of the first, second, and third sales clerks are 30, 27, and 21 customers served, respectively. The total product (number of customers served) of the first two sales clerks is
A. 6.
B. 17.
C. 57.
D. 78.
Answer: C
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Which of the following is true?
i. When the world price of a good is lower than the price that balances domestic supply and demand, a country gains from exporting the good. ii. Compared to a no-trade situation, in a market with imports, consumer surplus is larger. iii. Quotas raise the domestic price of imported goods. A) only i B) only ii C) only iii D) i and ii E) ii and iii
The cross elasticity between Rolaids and Tums is expected to be:
a. negative. b. positive. c. zero. d. one. e. infinite.
When the price level in the United States rises,
a. there is an increased demand for credit (or borrowed money) b. producers' demand for new machinery increases, contributing to an increase in aggregate demand c. Americans tend to buy more foreign goods and services d. the French, Canadians, and Japanese find our exports more attractive e. to maintain the value of your real wealth holding, you save less
The world's largest exporter is
A. the United States. B. Japan. C. Germany. D. China.