Refer to Table 7.1. What is the marginal product of the 6th worker?
A. 1 unit of output
B. 6 units of output
C. 22 units of output
D. 23 units of output
A. 1 unit of output
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Product improvements make it difficult for the statisticians who construct the CPI to distinguish between ________ changes and ________ changes.
A. price; quality B. income; price C. quantity; quality D. quantity; price
Explain how the expansion of winner-take-all markets can affect the degree of income inequality
Perfectly competitive markets are not the most efficient type
a. True b. False Indicate whether the statement is true or false
Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E. Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each unit of E. Base-year prices are $1 for each good. Real GDP in the current year equals
A) $100. B) $130. C) $150. D) $180. E) $550.