Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the 4th worker?
A) $300
B) $50
C) $70
D) $10
B
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When demand for a product increases,
A) suppliers change their plans. B) demanders change their plans. C) the price changes. D) all of the above occur. E) none of the above occur.
One reason some economists are critical of the Lorenz curve is because
A) it reflects income before taxes. B) it reflects income after taxes. C) it reflects only the top bracket of taxpayers. D) it reflects only the poor in the country.
Given the evidence presented in the Applied Perspective on China's population policy, it appears that by decreasing the rate of population growth, China
a. is likely to experience slower economic growth in the future b. has been able to increase the size of its agricultural sector relative to the industrialsector c. has become one of the major grain exporters in the world d. will lag behind India in population in the coming years e. has been able to shift more resources into capital accumulation to promote future economic growth
What is the proper sequence of the phases of a business cycle?
A) peak, contraction, trough, expansion, recovery B) peak, contraction, recovery, trough, expansion C) peak, contraction, trough, recovery, expansion D) contraction, peak, trough, recovery, expansion E) recovery, trough, peak, expansion, contraction