Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?
A) Fewer firms to compete with
B) Lower prices for many goods
C) Increase in the volume of exports and imports
D) Increase in production levels
E) Improved overall economic welfare
A
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The marginal product of labor is
A) total product divided by labor. B) the change in total product divided by the increase in labor. C) a measure of labor. D) output that does not meet quality specifications. E) total product minus the quantity of labor.
Refer to Scenario 10.8. Suppose that the regulatory agency sets your price where average revenue equals average cost. How much profit will Adriana make?
A) She will lose money and will go out of business. B) She will break even. C) She will make a profit. D) none of the above
A straight-line production possibilities frontier indicates that ___
Fill in the blank(s) with the appropriate word(s).
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The marginal product of the third worker is
A. 2. B. 3. C. 4. D. 12.