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 second worker is
A. 3.
B. 4.
C. 5.
D. 9.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. A disadvantage of the survey approach is that polluting sources might not be sufficiently well informed to provide good estimates. 2. According to available U.S. data, spending on pollution abatement and control has grown fairly steadily over time. 3. Expenditures on research and development represent the majority of spending on pollution and control in the United States. 4. According to the U.S. data presented in the text, the highest proportion of operating and capital abatement costs is on recycling. 5. Newly proposed controls on GHG emissions from motor vehicles are expected to elevate automobile prices.
An efficiency wage ________ because ________
A) increases job rationing; the real wage rate is lowered below the equilibrium B) decreases job rationing; the real wage rate is lowered below the equilibrium C) is used often; it is inexpensive and effective D) increases job rationing; the real wage rate is raised above the equilibrium E) decreases job rationing; the real wage rate is raised above the equilibrium
The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. It also illustrates the marginal benefit. There is no external benefit
If the city of Seattle puts on 5 concerts per year, then the marginal benefit will A) exceed the marginal social cost. B) equal the marginal private cost. C) be less than the marginal social cost. D) equal the marginal social cost. E) None of the above answers is correct.
Estimates from large macroeconometric models of the U.S. economy suggests that it takes over ________ for monetary policy to affect output and over ________ for monetary policy to affect the inflation rate
A) 1 year; 2 years B) 2 years; 1 year C) 1 year; 6 months D) 6 months; 1 year