Suppose the prices of agricultural products such as corn and soybeans increase. What is the effect of these price increases on the marginal product of the 1,000th farm worker? What is the effect on the value of the marginal product of the 1,000th farm worker?
The marginal product of the 1,000th farm worker is unaffected. The value of the marginal product of the 1,000th farm worker increases.
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Which of the following is NOT a function of money?
A) medium of stored value B) standard of deferred payment C) unit of accounting D) store of value
In the short run, a firm will eventually experience rising per-unit costs because of:
a. economies of scale. b. diseconomies of scale. c. the law of supply. d. the law of diminishing returns.
Suppose a consumer is willing to pay $20 for one good X, $10 for a second, and $5 for a third, and the market price is $4 . The consumer surplus is:
a. $16 b. $6. c. $1 d. $23.
The value of what Burger King produces in France is included in the United States ________ and in the French ________.
A. GDP; GNP B. GNP; GNP C. GDP; GDP D. GNP; GDP