It is not legitimate to ask a question like,
A. "How is an exogenous variable affected by a change in an endogenous variable?"
B. "What is the slope of the graph of the production function?"
C. "What is the marginal product of labor?"
D. "How is an endogenous variable affected by a change in an exogenous variable?"
Answer: A
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Which of the following will NOT cause a shift in the supply of gasoline?
A) An increase in the wage rate of refinery workers B) A decrease in the price of gasoline C) An improvement in oil refining technology D) A decrease in the price of crude oil
Suppose when a car wash has 2 washing stations and 5 workers and is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:
a. 100 cars per day. b. 150 cars per day. c. 5 cars per day. d. 50 cars per day.