The above table shows the total product of producing baseball hats. The average product of 3 workers is equal to
A) 1.67 baseball hats.
B) 6.00 baseball hats.
C) 12.78 baseball hats.
D) 18.00 baseball hats.
B
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Supply shocks are a potential source of higher inflation, unless the government counters with ________ policy that ________ the money growth rate
A) extinguishing, reduces B) extinguishing, increases C) neutral, leaves unchanged D) accommodative, reduces E) accommodative, increases
The choice between futures and options
A) depends on whether the underlying instrument is a debt instrument or an equity. B) reflects a trade-off between the higher cost of using options and the extra insurance benefits that options provide. C) reflects a trade-off between the higher cost of using futures and the extra insurance benefits that futures provide. D) reflects a trade-off between the greater risk from using options and the extra insurance benefits that options provide.
In a planned economy,
A. prices are used to coordinate economic activity. B. central planners set production targets and tell producers how to produce. C. high prices discourage use of the most scarce resources. D. central planners allow the price to determine distribution of a product.
Refer to Figure 8.5. Suppose the firm increases output from 20 to 30 units. In the short run:
A. the firm will employ the same amounts of labor and capital as it would in the long run.
B. the firm will employ 5 more workers and 2 less units of capital than it would in the long run.
C. the firm will employ 5 fewer workers and 2 more units of capital than it would in the long run.
D. the firm will produce the output at a lower cost than it can in the long run.