Suppose when a car wash has 2 washing stations and 5 workers and is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:
A. 100 cars per day.
B. 150 cars per day.
C. 5 cars per day.
D. 50 cars per day.
Answer: D
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Because of the system defined by the U.S. Constitution, people and media often call the national government in Washington D.C. ______________
Fill in the blank(s) with the appropriate word(s).
A business owner makes 50 items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $10 an hour. The item sells for $10 each. Production does not stop during weekends. If the explicit costs total $10,00 . for 30 days, the economic profit for the month equals:
a. $2,600 b. $2,240 c. $11,760 d. $5,000
The condition of scarcity:
a. cannot be eliminated. b. prevails in poor economies. c. prevails in rich economies. d. All of these.
Societies must address the question of WHAT to produce because:
A.) We can't produce all the goods and services we want. B.) The amount of money in an economy is limited. C.) We are wasteful and use resources inefficiently. D.) Our economy experiences market failures.