Refer to Figure 11-1. The marginal product of the 3rd worker is
A) 57. B) 19. C) 15. D) 11.
C
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A krone/euro peg alone is
A) not enough to provide automatic stability in the face of any monetary shocks that shift the AA schedule. B) enough to provide automatic stability in the face of any monetary shocks that shift the AA schedule. C) not enough to provide automatic stability in the face of any monetary shocks that shift the AA schedule, provided fiscal policy will be used as well. D) enough to provide automatic stability in the face of any monetary shocks that shift the AA schedule, provided the government runs a budget deficit. E) enough to provide partial stability in the face of smaller monetary shocks that shift the AA schedule.
As the wage rate decreases, the amount of time spent on market work usually
a. increases because the opportunity cost of nonmarket work increases b. increases because of the substitution effect c. decreases because of the income effect d. decreases because the value of leisure time increases e. decreases because the opportunity cost of leisure declines
Suppose the government taxes 25 percent of the first $60,000 of income and 40 percent of all income above $60,000 . For a person earning $200,000 . the marginal tax rate is
a. 25 percent, and the average tax rate is 32.5 percent. b. 25 percent, and the average tax rate is 36 percent. c. 40 percent, and the average tax rate is 32.5 percent. d. 40 percent, and the average tax rate is 36 percent.
Coordination failures occur when
A. one party withholds valuable information in a transaction that leads to overproduction. B. party A would like to change his behavior if party B would change hers, and vice versa, and yet the two changes do not take place because the decisions of A and B are made independently. C. consumers save more of their income than the government would like. D. the average price of a good persists, even though the good should be priced higher than the average price.