If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is
A) 2 chairs. B) 3 chairs. C) 4 chairs. D) 38 chairs.
A
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Aggregate expenditure is equal to
A) C - I - G - NX. B) Y + C + I + G + NX. C) C + I + G - NX. D) C + I + G. E) C + I + G + NX.
If Pizza Hut decreases its price for a large pizza by 25% and this leads to a 75% increase in sales, we can conclude that demand is relatively elastic with regard to price over that range
a. True b. False Indicate whether the statement is true or false
Is the call for protection on the basis of national defense valid?
a. No, because protection has no place in national defense. b. No, protection is always improper. c. Uncertain, economic theory has no answer to this question. d. Yes, although it can be overstated and abused.
You use U.S. currency to pay the owner of a restaurant for a delicious meal. The currency
a. has no intrinsic value. The exchange is an example of barter. b. has no intrinsic value. The exchange is not an example of barter. c. has intrinsic value. The exchange is not an example of barter. d. has intrinsic value. The exchange is not an example of barter.