Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 11 to 12 units?
A. 10
B. 9
C. 60
D. 69
Answer: B
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Tools used by economists include
a. historical study. b. mathematical reasoning. c. statistical inference. d. All of the above are correct.
The difference between social cost and private cost is a measure of the
a. loss in profit to the seller as the result of a negative externality. b. cost of an externality. c. cost reduction when the negative externality is eliminated. d. cost incurred by the government when it intervenes in the market.
The Patersons bought a home that was newly constructed in 2007 for $275,000 . They sold the home in 2015 for $255,000 . Which of the following statements is correct regarding the sale of the house?
a. The 2015 sale increased 2015 GDP by $255,000 and had no effect on 2007 GDP. b. The 2015 sale reduced 2015 GDP by $20,000 and had no effect on 2007 GDP. c. The 2015 sale increased 2015 GDP by $255,000; and caused 2007 GDP to be revised downward by $20,000. d. The 2015 sale affected neither 2007 GDP nor 2015 GDP.
Deadweight losses occur when the quantity of an output produced is
What will be an ideal response?