Refer to the table shown. If seven workers are employed, total output equals:Number of workersMarginal product of workers1527384105116775839010?1
A. 5.
B. 35.
C. 56.
D. 53.
Answer: D
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Rachel agrees to lend Phoebe $100 for six months and charges her interest of 2 percent. At the end of the six-month period, prices have risen by 4 percent
a. Purchasing power has been redistributed to Rachel. b. No purchasing power has been redistributed. c. Purchasing power has been redistributed to Phoebe. d. Both Rachel and Phoebe received extra purchasing power.
In a demand-pull inflation, if the Fed stops expanding the quantity of money
What will be an ideal response?
U.S. U.K Wheat 12 6 Cloth 6 18 The table above shows United States and United Kingdom production of wheat (bushels per hour) and cloth (yards per hour). According to Adam Smith, which of the following is true?
A) The United States has an absolute advantage in the production of wheat. B) The United States has an absolute advantage in the production of cloth. C) There is no basis for trade between these countries. D) The United States will gain more from trade than the United Kingdom.
Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices. B) summing the amount supplied by individual producers at various prices. C) the law of supply. D) observing how the supply curve shifts.