Answer the Question on the Basis of the Following Information

question 93

Multiple Choice

Answer the question on the basis of the following information.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. Refer to the given information.The marginal product of the second worker is:

• A) 24.
• B) 8.
• C) 5.
• D) 1.

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Definitions:

Natural Resources

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.

Theodore Roosevelt

The 26th President of the United States (1901-1909), known for his energetic personality, range of interests and achievements, progressive reforms in business and labor, and vigorous foreign policy, including the Panama Canal construction.

Woodrow Wilson

The 28th President of the United States, serving from 1913 to 1921, who led the country through World War I and crafted the League of Nations concept.

World War I

A global conflict that lasted from 1914 to 1918, involving many of the world's great powers, and marked by trench warfare and massive casualties.