In the poorest nations, agriculture is likely to contribute as much as ________ percent to total output.
A. 55
B. 10
C. 30
D. 85
Answer: A
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The marginal revenue product is: a. the value of all the final goods and services produced by a firm
b. the value that an worker contributes to a firm. c. an increase in the profit of a firm with an increase in the output by one unit. d. the output per unit of worker employed by a firm. e. the value that all the unskilled workers contribute to a firm.
The effect of imposing a minimum wage rate on the quantity of labor employed is
a. greater the less elastic is the demand for labor b. greater the less elastic is the supply of labor c. zero if the minimum wage rate is above the equilibrium wage rate d. greater the more elastic is the demand for labor e. greater the closer the minimum wage is to the equilibrium level
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.
Refer to the following figure. The price of capital is $50 per unit:
What is the marginal rate of technical substitution at each cost minimizing equilibrium point?
A. 0.40 B. 2.00 C. 2.50 D. 0.80 E. impossible to tell without marginal products