If we add successive laborers to work a given amount of land on a wheat farm, eventually
A) average total cost will fall to zero.
B) the increases in wheat harvested will rise at a constant rate.
C) the increases in wheat harvested will get smaller and smaller.
D) the increases in wheat harvested will get larger and larger.
Answer: C
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The rate of economic growth will be faster if
A) the rate of growth of the population is higher. B) consumption spending is greater. C) the rate of saving is higher. D) the rate of growth of the money supply is higher.
The marginal product of labor (measured in units of output) for Relient Corp is given by MPN = A(200 - N)
where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $30? A) 170 B) 185 C) 190 D) 195