A cigar factory employs 20 workers and produces 1,000 cigars a day. The company reduces the workforce to 19 workers and produces 912 cigars a day. The 20th worker:
A. had a marginal product of 88 cigars.
B. must have had a lower marginal product than the 19th worker.
C. caused average product to fall.
D. All of these are true.
Answer: A
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A) the total amount of the nation's foreign borrowing. B) the total amount of the nation's foreign lending. C) zero. D) the total amount of the nation's exports. E) the total amount of the nation's imports.
Ultimately, tariffs ________ the ability of foreign countries to buy the domestic country's exports and therefore ________ wealth
A) increase; create B) increase; destroy C) reduce; create D) reduce; destroy
Whom among the following was a classical economist?
A) Adam Smith B) A. C. Pigou C) David Ricardo D) all of the above
What age group in the United States has the largest percentage of its members living in poverty?
(A) Children (B) The middle aged (C) The elderly (D) Young adults