Answer the question on the basis of the following information. A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are
hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. Refer to the given information. How many workers should the farmer hire?
A. 1.
B. 2.
C. 3.
D. 4.
Answer: C
Economics
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Tertiary employment tended to require generalized education and/or training and, therefore, it was found primarily in rural areas
Indicate whether the statement is true or false
Economics
The creative ability of persons to combine and direct resources to produce new products is known as:
a. economizing. b. entrepreneurship. c. value judgment. d. product sensitivity.
Economics