Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. The marginal product of the third worker is
A. 4.
B. 5.
C. 12.
D. 17.
Answer: B
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Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. longer life expectancies. B. higher rates of infant mortality. C. higher material standards of living. D. higher rates of literacy.
People complain that inflation increases the cost of goods and services and therefore reduces their purchasing power. If inflation and income grow at the same rate, is this complaint valid? Explain carefully
What will be an ideal response?
According to the classical model, a 10-percent increase in the money supply, holding everything else constant, will lead to
a. a 10% increase in prices, a 10% increase in the real wage, and a 10% increase in interest rates. b. a 10% increase in prices, a 10% increase in the money wage, and a 10% increase in interest rates. c. a 10% increase in prices, a 10% increase in the money wage, and no change in interest rates. d. a 10% increase in prices and no change in the money wage or interest rates. e. none of the above.
The world price of a ton of steel is $650 . Before Russia allowed trade in steel, the price of a ton of steel there was $1,000 . Once Russia allowed trade in steel with other countries, Russia began
a. exporting steel and the price per ton in Russia decreased to $650. b. exporting steel and the price per ton in Russia remained at $1,000. c. importing steel and the price per ton in Russia decreased to $650. d. importing steel and the price per ton in Russia remained at $1,000.