Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. 
If the capital stock is fixed at four units and there are three units of labor, what is the average product of labor?
A. 50
B. 140
C. 170
D. 157.5
E. none of the above
Answer: E
You might also like to view...
The Federal Reserve cannot target both the money supply and the interest rate because it does not control
A) bank reserves. B) open market operations. C) money demand. D) the discount rate.
Deadweight loss refers to the reduction in economic surplus resulting from a market not being in competitive equilibrium
Indicate whether the statement is true or false
The difference between explicit costs and implicit costs
A) is that explicit costs are opportunity costs while implicit costs are not. B) is that implicit costs are opportunity costs while explicit costs are not. C) is that explicit costs are short-run costs and implicit costs are long-run costs. D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.
When one country can produce a good more efficiently than another country:
A. both can specialize in the industry in which they have comparative advantage and experience mutual gains. B. that country can specialize in that good and choose only to export goods. C. that country should produce that good and be the sole "winner" of trade. D. that country has no basis for trading with another nation.