The change in output resulting from the addition of one more worker is
A. average physical product.
B. marginal revenue product.
C. marginal physical product.
D. average revenue product.
Answer: C
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The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.Number of EmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The total value of donations raised by three employees is:
A. $48,911. B. $51,963. C. $43,899. D. $45,000.
Canada and the U.S. are the world's greatest trading partners. But they wouldn't trade at all if
a. the opportunity costs for the goods they produce are the same in both countries b. the opportunity costs are unequal for all the goods they produce c. their production possibilities curves are unequal d. they had a history of mutual retaliation e. their resources were of different qualities
Which of the following does not describe the hypothesis that changes in technology have altered the relative demand for skilled and unskilled labor?
a. Firms rely more on computer databases than on paper filing systems so there is an increased demand for high-skilled computer programmers. b. Consumers can accomplish many simple banking tasks on an automated teller machine (ATM) rather than speaking to a bank teller so there is a decreased demand for low- skilled bank tellers. c. Transponders in peoples' vehicles can be used to automatically deduct tolls from debit accounts, reducing the need for low-skilled toll collectors. d. Improvements in technology have made tax preparation software easy for an average citizen to use, reducing the need for high-skilled accountants.
Explain how a reservoir can serve as an analogy for thinking about a nation’s capital stock, investment, and depreciation
What will be an ideal response?