Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
Refer to Table 22.5. If 2014 is the base year, the price index in 2013 is
A. 89.3.
B. 96.0.
C. 104.0.
D. 111.9.
Answer: A
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When a firm hires 10 units of labor, 20 pens are produced. When it hires another unit of labor, the total output increases to 23 pens. If the price of one pen is $2, the value of marginal product of the eleventh unit of labor is:
A) $1.50. B) $2. C) $4. D) $6.
When effects are irreversible, it may be sensible to treat their possible causes even if they cannot be identified with certainty
Indicate whether the statement is true or false
Which of the following are not included in GDP? a. Transfer payments
b. Imports c. Intermediate goods. d. All of the above are excluded from GDP.
If the government imposed a price ceiling on gasoline above this good's current market clearing price, there would be
A) a shortage of gasoline. at the ceiling price. B) a surplus of gasoline at the ceiling price. C) an increase in the price of gasoline. D) no change in the price of gasoline.