The marginal product refers to the impact of which unit of a productive resource?
a. first
b. middle
c. last
d. average
c. last
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Which of the following is not included in personal consumption?
A. Purchases of new construction by consumers B. Payments for cable and Internet services to homes C. New furniture and appliances bought by homeowners D. Food purchased at supermarkets
Tax systems in developing countries tend to be efficient and reliable
Indicate whether the statement is true or false
A metal-stamping factory moves next to a day care center. Noise from the factory makes it impossible for the kids to nap. It would cost the factory $5 million to move; it would cost $1 million for the day care center to move. Sound insulation for the factory costs $1 million; insulation for the day care center costs $200,000 . The court determines that the day care center has the property right
What would be the optimal solution to this problem? a. The factory should install sound insulation because that is cheaper than moving. b. The factory should pay the day care center to move. c. The factory should buy insulation for the day care center. d. The day care center should buy its own insulation. e. The day care center should move.
Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Right.
B. If James chooses Down, Theodore's best response is to choose Right.
C. If Theodore chooses Left, James's best response is to choose Up.
D. If Theodore chooses Right, James's best response is to choose Up.