A farm is able to produce 10,000 bushels of peanuts per season on 10 acres. Assume it adds one more acre and is able to produce 12,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 10,000 bushels per acre per year.
b. 1,200 bushels per acre per year.
c. 2,000 bushels per acre per year.
d. 12,000 bushels per acre per year.
c
Economics
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An increase in a country's rate of inflation is apt to
A) reduce its imports and improve its trade balance. B) lower its nominal rate of interest and encourage an inflow of capital. C) worsen its balance of trade and balance of payments. D) decrease demand for the country's currency.
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When tastes are quasilinear in leisure, the labor supply curve is vertical.
Answer the following statement true (T) or false (F)
Economics