What is the average product of labor, given that the level of labor equals 10, total output equals 1200, and the marginal product of labor equals 200?
A. 6
B. 20
C. 120
D. 2,000
Answer: C
You might also like to view...
If an individual has a 0.3 probability of receiving $10 and a 0.7 probability of receiving $20, the expected income is
A) $20. B) $7. C) $14. D) $17.
If money demand is extremely sensitive to changes in the interest rate, the money demand curve becomes almost horizontal. If the Fed expands the money supply under these circumstances, then the interest rate will
A) change very little and investment and consumer spending will change very little. B) rise substantially and investment and consumer spending will rise substantially. C) fall substantially and investment and consumer spending will fall substantially. D) fall substantially and investment and consumer spending will change very little.
Monopolistically competitive firms ignore the effect of their decisions upon other firms in the industry because
a. each firm is large relative to the market b. each firm is small relative to the market c. there are few sellers in the market d. there is only one seller in the market e. all firms follow the same known pricing rules
The Economy Tomorrow article titled "Rebuilding America" states that
A. The nation currently spends less than 2 billion hours in traffic delays and it should decline over the next decade. B. The transportation system is keeping up with a growing economy. C. The transportation system is not keeping up with a growing economy. D. None of the choices are correct.