If the Total Product of Four Workers Is 156,calculate the Average

question 94

Multiple Choice

If the total product of four workers is 156,calculate the average product of each worker.

• A)39
• B)19.5
• C)78
• D)152
• E)624

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Definitions:

Input Price Ratio

The ratio of the prices of the inputs used in the production of goods or services.

Absolute Advantage

A condition in which a country, individual, or company can produce a good or service at a lower cost per unit than competitors can.

Comparative Advantage

The ability of a country, individual, or company to produce a good or service at a lower opportunity cost compared to others.

Trade

The act of buying, selling, or exchanging goods and services between people or countries.