Refer to Scenario 1. What is the average product of the first three hours of labor?

A) 60
B) 80
C) 100
D) 240

B

Economics

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Which of the following statements is correct?

a. Interest would not exist in a nonmonetary economy. b. The present value of a future dollar payment is inversely related to both the interest rate and to how far in the future the payment will be received. c. A "positive rate of time preference" means that an individual would rather save than consume. d. During an extended inflationary period, the money (or nominal) interest rate will usually be lower than the real rate of interest.

Economics

Steve is finding it impossible to get over his most recent break-up and finds himself talking about her constantly. An example of a commitment device that Steve could use to get over her would be:

A. to allow Steve's best friend to punch him in the arm any time he mentions her name. B. to take a cold shower every morning. C. to start dating someone else. D. None of these is a commitment device.

Economics