Refer to the table shown. Marginal product declines when which worker is hired?Number of workersMarginal product of workers1225394145166177188189171015
A. The 6th worker
B. The 7th worker
C. The 9th worker
D. The 5th worker
Answer: D
Economics
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By dividing the value of total domestic output (real Gross Domestic Product (GDP)) by the number of workers, economists derive
A) the net domestic product. B) labor productivity. C) the size of the labor force. D) the rate of capital accumulation.
Economics
The principal-agent problem exists when
A. owners have an interest in making a profit. B. owners of an asset and the managers of that asset are the same. C. managers are dedicated to making owners a profit. D. owners of an asset and the managers of that asset are the not the same.
Economics