Number of workersUnits of output0012525539541255150Table 8.2Refer to Table 8.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fourth worker is:
A. 0 units.
B. 10 units.
C. 25 units.
D. 30 units.
Answer: D
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Which of the following is the most likely to be a variable factor of production at a university?
A. The size of the student union. B. The size of the football stadium. C. The location of the university. D. The number of librarians.
During an economic boom
A) aggregate demand exceeds aggregate supply. B) potential output exceeds quantity demanded. C) actual output exceeds potential output. D) potential output exceeds actual output.
The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $5 per hour is imposed. Unemployment will equal
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
The oldest theory of comparative advantage is based on:
a. factor abundance. b. productivity differences. c. product life cycles. d. preferences. e. human skills.