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, 210 computers are produced per week. Given this information, there
A) is diminishing marginal product.
B) are too many workers.
C) are not enough workers.
D) is increasing marginal product.
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
If sellers respond to very small changes in price by adjusting their quantity supplied by extremely large amounts, the price elasticity of supply approaches
a. zero, and the supply curve is horizontal. b. zero, and the supply curve is vertical. c. infinity, and the supply curve is horizontal. d. infinity, and the supply curve is vertical.
Which of the following is a basic difference between the classical model and the Keynesian model in which the Keynesian short-run aggregate supply curve exists?
A. The classical model uses real GDP, while the Keynesian model uses nominal GDP. B. The classical model assumes that the position of the long run aggregate supply curve is determined by full employment, while the Keynesian model assumes that the long run aggregate supply curve will be to the left of full employment. C. The classical model assumes that the level of real GDP is supply determined, while the Keynesian model assumes that it is demand determined. D. The classical model assumes that the long run aggregate supply curve is vertical, while the Keynesian model assumes the long run aggregate supply curve is horizontal.
A system of tradable air pollution permits has the advantage of
A. eliminating all environmental liability for participating polluters. B. ensuring that the goal amount of abatement occurs at the lowest social cost. C. rewarding efficient abatement effort at the expense of inefficient abatement efforts. D. reducing the total amount of air pollution.