Eldin is a house painter. He can paint three houses per week. He is considering hiring his friend Murphy. Together, Eldin and Murphy can paint five houses per week. What is Murphy's marginal product?
a. 2 houses
b. 3 houses
c. 5 houses
d. 8 houses
a
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If a firm sells to two distinct identifiable markets and resale is impossible, why is price discrimination more profitable than setting a single price?
What will be an ideal response?
For an inferior good, a rise in price causes
a. negative income and substitution effects b. positive income and substitution effects c. a negative income effect and a positive substitution effect d. a positive income effect and a negative substitution effect e. a positive income effect, but no substitution effect
Find the size of the civilian labor force from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000.
A. 1,425 B. 1,450 C. 1,500 D. 2,000
Answer the following statements true (T) or false (F)
1. If choice A wins over choice B in a majority vote, while choice B wins over choice C in a majority vote, then we can conclude that choice A would win over choice C. 2. Political logrolling always produces economically inefficient outcomes. 3. The appeal to government for special benefits at taxpayers' or someone else's expense is the paradox of voting. 4. Even if individual voters have clear preferences, and they stay consistent in their preferences, we could still end up with the paradox of voting. 5. One consequence of the paradox of voting is that whoever sets the agenda of a vote could practically predetermine the results of the vote.