The above table depicts the output of a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal physical product (MPP) of the eleventh worker per week?
A. $6,000
B. $7,000
C. 90 units
D. 80 units
Answer: C
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A professor posts his course syllabi and past exams on the Internet. From the economic point of view, the professor's behavior
A) demonstrates the arrogance of the professor. B) better informs prospective students. C) is a costless use of scarce resources, because it avoids paper, ink, and mimeos. D) is irrational.
According to your textbook, which best explains the fact that income inequality has increased in the U.S. since 1980?
A) A growing distrust of the efficacy of federal government spending programs combined with a rising concern over federal budget deficits B) A widening gap between the wages of skilled and extensively-educated workers and the wages of those with fewer skills and less education C) The impact of cheaply-produced and low-priced foreign imports D) Government deregulation of business
Joe's budget constraint equals 500 = 2F + 100S, where $500 is Joe's income, $2 is the price of food (F) and $100 is the price of shelter (S). How much food can Joe buy if he buys one unit of shelter?
A) two units B) 200 units C) 250 units D) 400 units
Suppose that in a free market 2,000 patients purchase an operation to receive an artificial heart at a price of $500,000 per operation. Without the heart, each patient will die. The government decides this price is too high and imposes a maximum price of $200,000 . Everything else equal,
a. more patients will now die. b. fewer patients will now die. c. more patients will now die only if the demand curve is vertical. d. more patients will now die only if the demand curve is horizontal.