Which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor?
A. Increase the number of lumberjacks with chain saws and observe the change in output of cut trees
B. Increase the number of workers on an assembly line and record the change in output
C. Increase the number of data entry operators and computers and calculate the extra output.
D. Check the number of workers before and after a given time period.
Answer: B
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Generally speaking, protection from foreign competition benefits:
a. both domestic producers and foreign producers. b. both domestic consumers and foreign consumers c. domestic consumers and foreign consumers. d. neither domestic producers nor foreign producers. e. domestic producers at the expense of domestic consumers.
When government increases a fixed tax, consumption schedule
a. shifts downward in a parallel manner. b. shifts upward in a parallel manner. c. becomes horizontal. d. becomes vertical.
Exhibit 4-9 Data on supply and demand Price QuantityDemanded QuantitySupplied $2.00 100 300 1.50 150 250 1.00 200 200 0.50 250 150 In Exhibit 4-9, if a price ceiling is set at $1.50 the market result after adjustment is:
A. a shortage of 150 units. B. a surplus of 100 units. C. shortage of 100 units. D. equilibrium at 200 units.
Refer to the normal-form game of price competition shown below.Firm AFirm B??CD?A50,50500-x,200?B100,500-x50,50For what values of x is strategy D strictly dominant for firm B?
A. x = 450 B. All x > 450 C. All x < 450 D. x < 50