Using the data in the above table, if the firm employs 3 workers, total product (measured in units per day) and average product and marginal product of the third worker (measured in units per worker) are
A) 19, 6 1/3, and 9 respectively.
B) 3, 19, and 6 1/3 respectively.
C) 19, 3, and 9 respectively.
D) 19, 6 1/3, and 7 respectively.
D
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Mary makes 10 pies and 20 cakes a day and her opportunity cost of pro-ducing a cake is 2 pies. Tim makes 20 pies and 10 cakes a day and his op-portunity cost of producing a cake is 4 pies
If Mary and Tim specialize in the good in which they have a comparative advantage ______. A. Mary produces pies B. Tim produces pies and cakes C. Mary produces cakes while Tim produces pies D. Tim produces cakes while Mary produces pies
According to the horizontal-equity principle of taxation
A) individuals who receive the benefits of a good or service should bear a greater share of the tax burden. B) people in the same economic situation should be treated equally. C) individuals who are willing to bear a greater share of the tax burden should be compensated with non-monetary benefits. D) individuals who are most able to pay should bear a greater share of the tax burden.
A country which incurs a current account deficit will most likely have a financial or capital account surplus
Indicate whether the statement is true or false
Unemployment compensation is an example of a(n)
a. discretionary stabilizer b. countercyclical stabilizer c. cyclical stabilizer d. labor stabilizer e. automatic stabilizer