Author Question: A farm can produce 10,000 bushels of wheat per year with 5 workers and 13,000 bushels with 6 ... (Read 124 times)

abarnes · **on:** Jun 30, 2018

A farm can produce 10,000 bushels of wheat per year with 5 workers and 13,000 bushels with 6 workers. The marginal product of the sixth worker for this farm is:
a. 10,000 bushels.
b. 3,000 bushels.
c. 500 bushels.
d. 23,000 bushels.

Question 2

When economists refer to an economy's price level, they indicate:
a. the rate of inflation in that economy.
b. the prices of goods and services relative to consumers' incomes.
c. a composite measure of prices of all goods and services.
d. a period of level, or steady, prices in that economy.
e. the price of a specific consumer good.