The following table provides information about production at the XYZ-TV Company.Number of WorkersTVs ProducedMarginal ProductValue of Marginal Product00------13535$35,00026833$33,00039931$31,000412829$29,000515527$27,000 How many workers will XYZ-TV Company hire if the going wage for TV production workers is $28,000?
A. 1
B. 2
C. 4
D. 3
Answer: C
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Using the table above, what is the marginal product of the 5th worker hired at Decent Donuts?
A) 86 dozen donuts per day B) 22 dozen donuts per day C) 17.2 dozen donuts per day D) 64 dozen donuts per day
One reason education expenditures are increasing is that a larger percentage of resources are now being used on _____ expenditures
a. teacher aide b. non-classroom c. teacher salary d. textbook
A fixed-proportion production function has isoquants that are
a. almost flat (i.e., the isoquants are almost straight lines). b. L-shaped. c. normally shaped (rectangular hyperbolas). d. None of the above.
Use the following graph to answer the next question.
What combination would most likely cause a shift from AD1 to AD3?
A. A decrease in taxes and a decrease in government purchases B. An increase in taxes and a decrease in government purchases C. A decrease in taxes and an increase in government purchases D. An increase in taxes and an increase in government purchases