Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. The principle of diminishing returns first occurs when how many workers are hired?
A. 2
B. 3
C. 4
D. 5
Answer: C
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The “isms”
Suppose that real GDP is initially $14 trillion and the government attempts to increase real GDP to $15 trillion. The marginal propensity to consume is 0.8, and every $1.00 increase in real government spending crowds out $0
50 in real planned investment expenditures. Which increase in government spending below could yield the desired level of real GDP? A) $200 billion B) $125 billion C) $100 billion D) $400 billion
Economists argue that the union wage advantage
A) has been estimated to be 100% in the private sector. B) in the private sector is a 4% increase in wages for union workers over nonunion workers. C) reached its height in 2000 in the private sector. D) has been close to zero since World War II in the private sector.
Joe has broken the mirror of my car. I have legal recourse to sue for damages because of
A) social costs. B) transactions costs. C) common property rights. D) private property rights.