The table shows some data that describes Tom's T-Shirts' total product when Tom's has 1 sewing machine. When 4 workers are employed, ________
A) average product of labor is a maximum
B) marginal product of labor is less than average product of labor
C) marginal product of labor exceeds average product of labor
D) marginal product of labor equals average product of labor
B
You might also like to view...
All of the following statements are true about the real exchange rate, given by the relation = , EXCEPT
A) a greater change in P (domestic price) compared to a change in (foreign price) necessitates a rise in the nominal rate, , to keep the real rate unchanged. B) a pegged exchange rate system requires tight control of the money supply. C) there is a one-to-one correspondence between the real and nominal exchange rates. D) an expansionary monetary policy raises the real exchange rate. E) the real exchange rate would be the same as the nominal exchange rate only if the difference between domestic and foreign inflation rates is zero.
Which of the following is accurate about John Maynard Keynes?
a. He was one of the most influential economists in early U.S. history. b. He believed economics is a subject but not a way of thinking. c. He believed economics is not just a subject area but also a way of thinking. d. He believed that economics is not a subject but is a way of thinking.