Econ 101 Final Exam Questions Latest Exam 32 Question And Answer/ Cognitive Academic Language Proficiency Exam (Verified Answers)

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. How many workers should the farmer hire? {Ans: 3}The real wage will rise if the nominal wage {Ans: increases more rapidly than the general price level.}The purely competitive employer of resource A will maximize the profits from A by equating the {Ans: price of A with the MRP of A.}Nations specialize in production and engage in international trade in order to {Ans: increase output and income.}The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 If the product the firm produces sells for a constant $2 per unit, the marginal revenue product of the third unit of the resource is {Ans: 24}The change in a firm's total revenue that results from hiring an additional worker