Refer to Table 17-3. What is the amount of profit added as a result of hiring the fourth worker?
A) $7,200 B) $1,200 C) $800 D) $400
D
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If Microsoft is a monopoly and currently charges prices where its demand is elastic, then Microsoft's marginal revenue is
A) negative. B) positive. C) zero. D) minimized. E) undefined.
Which of the following will most likely occur during the recovery phase of a business cycle?
A. Real GDP rises, and unemployment falls. B. Real GDP declines, and inflation rises. C. Interest rates rise, and the number of business failures rise. D. Inflation rises, and employment falls.
The market tends to underproduce public goods because
A. The consumption of a public good by one person prevents the consumption of the same good by another person. B. It is difficult to measure the benefit of a public good such as national defense. C. The free-rider dilemma results in exclusive consumption of a good. D. Joint consumption allows those who do not pay for the good to still benefit from the good.
Which statement is true?
A. During very bad recessions and depressions the total of our frictional and structural unemployment rates is greater than our cyclical unemployment rate. B. When our overall unemployment rate declines, most of this decline is due to falling structural and frictional unemployment. C. Cyclical unemployment is generally zero. D. The sum of the frictional and structural unemployment rates is 5 percent.