If a firm hires 312 workers it will produce 4,522 units of output. If it hires 313 workers it will produce 4,786 units of output. The marginal physical product of labor equals
A. 4,786.
B. 264.
C. 1.
D. 313.
Answer: B
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Upon graduating from high school you have a job offer which would provide you with $20,000 in income for the coming year. You have also been accepted to Isaac and Avery college. Tuition for the coming year at I&A college is $15,000 . room and board is $10,000 and you expect that books will cost you $2,000 . What is the opportunity cost of attending I&A college?
a. $37,000 b. $27,000 c. $20,000 d. $32,000 e. $47,000
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following is true? a. Adam has an absolute advantage in oranges and a comparative advantage in apples. b. Karl has an absolute advantage in oranges and a comparative advantage in oranges. c. Karl has an absolute advantage in both apples
and oranges. d. Karl has an absolute advantage and a comparative advantage in apples.
If the nominal interest rate is 4 percent and the real interest rate is -2.5 percent, then the inflation rate is
a. -6.5 percent. b. -1.5 percent. c. 1.5 percent. d. 6.5 percent.
A company is selling wacky waving inflatable arm guys for very low prices, why is this?
a. there is a shortage b. there is a surplus c. the company cannot meet consumer demand d. equilibrium price has been reached