In the above table, if the marginal factor cost is $960, how many workers would be hired?
A. 3
B. 2
C. 4
D. 5
Answer: A
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The total volume of business sales in our economy is several times larger than GDP because ________.
A. GDP does not take taxes into account B. GDP grossly understates the value of our annual output C. GDP excludes intermediate transactions D. Total sales are in money terms and GDP is always stated in real terms
Suppose you manage a firm with two production plants. The marginal product of labor at plant 1 is MP1 = 1400 - L1 where L1 is the number of workers employed in plant 1. The marginal product of labor at plant 2 is MP2 = 2000 - L2 where L2 is the number of workers employed in plant 2. Given that you have 1,000 workers, what is the best allocation of workers between the two plants?
What will be an ideal response?
As emissions levels increase at a steady rate for a stock pollutant, accumulations
a. Decrease at a steady rate b. Decrease at an exponential rate c. Remain constant d. Increase at a steady rate e. Increase at an exponential rate
The U.S. poverty rate over the last 10 years has been between _____%.
A. 6-11 B. 11-16 C. 16-21 D. 21-26