Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 200 computers are produced per week. Given this information, the marginal
product of the third worker is
A) 210 computers per week.
B) 70 computers per week.
C) 60 computers per week.
D) 50 computers per week.
Answer: D
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Along a linear (straight-line) downward-sloping demand curve, demand is unit elastic at
A) the highest price. B) the lowest price. C) the midpoint. D) all points on the linear demand curve. E) None of the above because linear demand curves are never unit elastic.
In the table above, the marginal benefit of the 4 millionth television set is
A) negative 0.5 computers per television set. B) 0.25 computers per television set. C) 0.5 computers per television set. D) 1.0 computer per television set.
A firm has to decide between two projects that cost $10,000 each. Project A will provide a revenue $10,700 one year from now, while Project B will provide a revenue of $12,200 two years from now. The interest rate is 10% per year. This firm
A) chooses project A. B) chooses project B. C) rejects both projects. D) is indifferent between projects A and B.
Economists define the change in national income that is generated by a change in investment as
a. the marginal propensity to invest b. the investment multiplier c. the saving multiplier d. the income multiplier e. autonomous investment