Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the 5th laborer?
A) 8 cabinets
B) 7 cabinets
C) 6 cabinets
D) 4 cabinets
B
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High price and low total utility indicate
A. low marginal utility. B. large quantities are sold. C. high marginal utility. D. a high price/marginal utility ratio.
Briefly explain how growth in real GDP differs across economies including the United States, Japan, Africa, Central America, Hong Kong, Korea, and Singapore
What will be an ideal response?
The increase in output that results when one more unit of a variable input is hired is called
A) total physical product. B) marginal physical product. C) average physical product. D) marginal revenue.
Which of the following does the Federal Reserve not do?
a. It controls the supply of money. b. It acts as a lender of last resort to banks. c. It makes loans to any qualified business that requests one. d. It tries to ensure the health of the banking system.