The table above shows the short-run product schedule for Virginia's Tee-Shirts. What is the average product associated with hiring the fourth worker?
A) 40 shirts
B) 55 shirts
C) 50 shirts
D) 220 shirts
B
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Suppose consumer tastes and preferences shift from pizza to tacos. In the short run case, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices
A) decreasing; increasing B) decreasing; decreasing C) increasing; increasing D) increasing; decreasing
Which of the following explains the relatively high growth rate of output in China since 1980?
A) accumulation of capital B) technological progress C) a transition from central planning to a market economy D) all of the above
Before digital photography, most film processing companies had a policy of printing every picture on a roll of film and allowing customers to request a refund for pictures that were not clearly developed. The companies did this knowing that most
customers did not ask for refunds. This was an example of consumers A) failing to ignore sunk costs. B) being overly optimistic about their future behavior. C) not taking nonmonetary opportunity costs into account. D) not making themselves aware of the policy regarding refunds.
Assuming no change in the effective tax rate on capital, a decrease in the government budget deficit will reduce the current account deficit if and only if the decrease in the budget deficit
A. reduces desired national saving. B. reduces desired national investment. C. increases desired national saving. D. increases desired national investment.