Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 60 cookies together. What is the average product of the first two workers?
A) 15 cookies
B) 20 cookies
C) 17.5 cookies
D) 35 cookies
Answer: C
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At the competitive firm's profit-maximizing quantity of labor:
A. the value of the last worker's marginal product is greater than or equal to marginal cost of that input. B. the value of the last worker's marginal product is less than the marginal cost of that input. C. marginal profits are always positive. D. the average product of labor is equal to the wage rate.
Economic policy in the real world reflects:
A. special interest desires only. B. a balancing of cost/benefit analysis and special interest desires. C. cost/benefit analysis only. D. a complete lack of understanding of the principles of economics.
If information is less costly and more easily available, then usually this
A. makes markets less efficient. B. increases profit opportunities. C. makes markets more efficient. D. increases the opportunity cost of acquiring more information.
If a life insurance company does not require a medical exam of its policyholders, it is most likely that the company
A) charges above-average premiums. B) charges below-average premiums. C) charges no premiums. D) has only very healthy policyholders.