The accompanying table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15. Number of Car Washes Per MonthTotal Monthly Benefit from Car Washes0$01$202$363$484$565$60 What is the marginal cost of the 5th car wash each month?
A. $15
B. $4
C. $14
D. $12
Answer: A
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Refer to the figure above. If the government institutes a minimum wage rate at $30, the unemployment in the market will be:
A) 25 units of labor. B) 10 units of labor. C) 15 units of labor. D) 20 units of labor.
Economists believe that the CPI overstates actual price changes by as much as ________ to ________ percent each year
A) 2; 3 B) 1; 2 C) 0.5; 1 D) 0.5; 1.5
Which of the following represents a positive statement?
a. A higher income tax rate will reduce the amount of time that people spend working. b. Teenage unemployment should be reduced. c. We should raise the standard of living for the elderly. d. A decrease in tax rates is needed to help the poor.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the open trade economy, Silvia and Art can consume any combination of beef and computers from the line
A. XY. B. PQ. C. PY. D. XYZ.