At the Pampered Pet Salon the marginal products of the first, second, and third workers are 50, 36, and 25 dogs washed, respectively. The total product (number of dogs washed) of the three workers is
A. 50.
B. 86.
C. 107.
D. 111.
Answer: D
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Monetarist and Keynesian theories of money demand differs in that
a. Monetarists assumes that the demand for money is highly inelastic while Keynes assumes money demand is elastic. b. Monetarists assumes that the money demand function is highly stable while Keynes assumes it is unstable. c. Monetarists assumes that there is only a transactions demand for money while Keynes also considers the precautionary and speculative demands for money. d. Monetarists assume that the proportion of income held in theform of money is constant while Keynes believes it varies. e. all of the above.
Which of the following is not a reason for publishing quarterly reports on the GDP?
a. it makes it easier to analyze movements in the GDP. b. the high and low quarters of business fluctuations are easier to spot. c. a full year’s statistics are not useful to economists. d. economic downswings and upswings can be recognized at an earlier date.
In the ultimatum game, allocators usually offer recipients at least a 40 percent share of the money, and recipients almost always reject offers of less than a 10 percent share. Which of the following does not explain why allocators offer recipients a
relatively generous share and why recipients reject meager offers? A) Fear of arousing outrage and abhorrence could influence economic decisions. B) People can and often do reject offers that offend their sense of fairness even if doing so means taking a monetary loss. C) Some people are careful not to engage in economic behavior that might offend and alienate others. D) Allocators can count on recipients to ignore all considerations except financial benefit.
A 10% decrease in real income usually leads to ________ in money demand.
A. a decrease of less than 10% B. no change C. an increase D. a decrease of 10%