In the above table, the average physical product of 2 workers and the marginal product of the 2nd worker is
A. 4; 1.
B. 3.5; 4.
C. 3.5; 3.5.
D. 2; 2.
Answer: B
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Which of the goals pursued by policymakers in an open economy is desirable because it reduces the uncertainty of conducting economic activity across borders?
A) exchange-rate stability B) monetary policy independence C) free capital flows D) appreciation of the domestic currency
The graph illustrates the market for British pounds, the currency of the United Kingdom. As the number of buyers of pounds increases and the number of sellers of pounds increases, the equilibrium price of a pound
A) will fall B) will rise. C) will remain the same. D) might rise, fall, or remain the same depending on whether the effect on buyers is larger than, less than, or the same as the effect on sellers. E) None of the above answers is correct.
Becky decides to spend $50 per month on DVD rentals and movie tickets. Her marginal utility schedules from these two goods are shown in the table above. The price of a DVD rental is $2.50, and the price of a movie ticket is $5
Suppose Becky rents 8 DVDs and buys 6 movie tickets per month. She A) cannot increase her total utility because she already gets the maximum possible utility from DVD rentals and movies within her budget. B) can increase her total utility if she rents more DVDs and buys more movie tickets. C) can increase her total utility if she rents more DVDs and buys fewer movie tickets. D) can increase her total utility if she rents fewer DVDs and buys more movie tickets.
What is the difference between imports and exports?
What will be an ideal response?