Author Question: A farm is able to produce 5,000 bushels of peaches per season on 100 acres. Assume it adds one more ... (Read 58 times)

littleanan · **on:** Jun 30, 2018

A farm is able to produce 5,000 bushels of peaches per season on 100 acres. Assume it adds one more acre and is able to produce 6,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 6,000 bushels per acre per year.
b. 5,000 bushels per acre per year.
c. 1,000 bushels per acre per year.
d. 11,000 bushels per acre per year.

Question 2

By a leading economic indicator, economists mean:
a. an indicator of future economic activity.
b. an indicator that reflects economic fluctuations as they occur.
c. a highly accurate indicator that is easily measured.
d. an indicator that predicts the level of inflation in an economy.
e. any variable that follows changes in economic activity.