Marginal income product of hiring one low-skilled worker

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Q1.Which group of economic decision makers plays the leading role in the Economic System? Mention two types of resources also Explain how are they paid for in the economy.

Q2. Illustrate what is the marginal income product of hiring one low-skilled worker to clear woodland for one month?

Q3. In the year, 2005 Janice Quinn sells a five-year-old car to Used Car, Inc. for $3,000. In the similar year, Used Car, Inc. resells the car to Ima Goner for $3,500. Illustrate what is the contribution of this transaction to GDP in the year 2005.

Reference no: EM1313269

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