Refer to the above table. For each level of employment of labor shown
A. marginal product rises.
B. marginal product falls for all employees beyond the 10th unit of labor.
C. marginal product holds constant.
D. marginal product rises for all employees beyond the 10th unit of labor.
Answer: B
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Which of the following statements regarding the agricultural industry is correct?
A) Economies of scale and consolidation have significantly reduced the degree of competition in the industry. B) Corporate farms now control more than 50 percent of the market for each of the major crops. C) The largest 5 percent of growers of any particular product are characterized by a small number of interdependent producers. D) Although farming has become increasingly concentrated over the last 70 years, it is still a highly competitive industry.
The function of the interest rate in the Classical model was to keep the economy at full employment equilibrium by assuring that
A) actual saving equaled actual investment. B) actual saving equaled desired investment. C) desired saving equaled desired investment. D) desired saving equaled actual investment.
The text refers to the type of comparative advantage that can be gained or lost because of changes in skills of workers or types of capital as:
A. temporary comparative advantage. B. transferable comparative advantage. C. non-equilibrium comparative advantage. D. unstable comparative advantage.
Other things equal, similar resources in alternative uses will be paid
a. different amounts based on their different uses b. different amounts based on the alternative uses c. different amounts if resources are mobile d. similar amounts if resources are not mobile e. similar amounts if resources are mobile