Assume the total product of two workers is 130 and the total product of three workers is 150. The average product of three workers is ________, and the marginal product of the third worker is ________.
A. 13.33; 6.67
B. 120; 100
C. 50; 20
D. 40; 10
Answer: C
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For the firm in Figure 8.1, the profit-maximizing (loss-minimizing) price and level of output are:
A) P2 and Q2. B) P1 and Q1. C) P4 and Q1. D) P3 and Q1.
The average difference over a long period of the interest rate on long-term bonds and the interest rate on the short-term federal funds rate is called
A) risk premium. B) term premium. C) FED's premium. D) monetary premium.
All of the following statements regarding rational ignorance are true except
a) combined with special interest groups, it yields inefficiency in the provision of public goods b) it allows special interest groups to exert political influence c) it leads to an efficient outcome d) none of the above
The legal system in the United States tends
A. to actively discourage unionization. B. to promote competition. C. to support monopolies. D. to discourage the entry of new firms into industries.