Refer to Table 17.2. The marginal product of the third unit of labor is:
A. 25.
B. 50.
C. 60.
D. 160.
Answer: B
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Land can be used to grow commercial Christmas trees or pulpwood. Which is the more "economically efficient" use of the land?
A) Raising commercial Christmas trees B) Raising pulpwood C) Raising a mixed combination of commercial Christmas trees and pulpwood D) It depends in part on the relative prices of Christmas trees and pulpwood.
Just as indifference maps represent consumer tastes, so isoquant maps represent a producer tastes.
Answer the following statement true (T) or false (F)
If the U.S. Congress imposes a quota on imports of Japanese cars due to claims of "unfair" trade practices, and Japanese demand for American exports increases at the same time, then, in the long run ________, everything else held constant
A) the Japanese yen will appreciate relative to the U.S. dollar B) the Japanese yen will depreciate relative to the U.S. dollar C) the Japanese yen will either appreciate, depreciate or remain constant against the U.S. dollar D) there will be no effect on the Japanese yen relative to the U.S. dollar
?If a shoe store earns more than a normal profit, its:
a. ?accounting profit is zero. b. ?accounting profit is less than its economic profit. c. ?economic profit is positive. d. ?economic profit must be greater than its accounting profit. e. ?economic profit is, therefore, equal to its accounting profit.