Refer to Figure 11-1. In a diagram that shows the marginal product of labor on the vertical axis and labor on the horizontal axis, the marginal product curve
A) never intersects the horizontal axis.
B) intersects the horizontal axis at a point corresponding to the 5th worker.
C) intersects the horizontal axis at a point corresponding to the 6th worker.
D) intersects the horizontal axis at a point corresponding to the 8th worker.
B
You might also like to view...
The most important determinant of consumption and saving is the:
A. level of bank credit. B. level of income. C. interest rate. D. price level.
Which of the following statements is true?
A) Economic growth always reduces poverty. B) Economic growth is ineffective in reducing both poverty and inequality. C) Economic growth always reduces inequality. D) Economic growth can reduce poverty only if it is not associated with a significant rise in inequality.
Assume the market in the graph shown with demand D and supply S1 is in equilibrium at a quantity of 5 units. Total surplus is:
A. $5.
B. $15.
C. $12.50.
D. $60.
Tony Lai deposits $200 in currency in his checking account at a bank. This deposit is treated as:
A. a subtraction of $200 from the money supply because the $200 in currency is no longer in circulation. B. no change in the money supply because the $200 in currency has been converted to a $200 increase in checkable deposits. C. an addition of $200 to the money supply because the bank holds $200 in currency and the checking account has been increased by $200. D. an addition of $200 to the money supply because of the creation of a checkable deposit of $200.