Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 
Refer to Table 8.2. If Sherry produces two pairs of earrings, her marginal cost is
A. $40.
B. $45.
C. $72.50.
D. $122.50.
Answer: A
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Which of the following is an implication of the law of diminishing returns?
a. Total output will decline as more workers are hired. b. In the long run, average total cost will eventually decline as output is expanded. c. In the short run, expansion of output will eventually lead to increases in marginal cost and average total cost. d. A doubling of all inputs will lead to more than a doubling of output.
Ralph Nader's book Unsafe at Any Speed caused Congress to require
a. safety glass in all new cars. b. seat belts in all new cars. c. air bags in all new cars. d. stricter drunk driving laws in all states.
A decision to supply labor or not to supply it is also a decision to
A. earn the highest possible wage. B. demand or forgo a certain amount of leisure. C. be as productive as possible. D. join the union.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower