In year 2008, 1334 million lbs of milk was produced and sold in U.S. This is
A) the decision of the U.S. department of agriculture.
B) quantity determined by the interactions in the market.
C) the maximum amount the producers could produce.
D) what consumers needed.
B
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If the value of the marginal product of a worker is $20 and the market price of the good he produces is $5, his marginal product is:
A) 4 units. B) 10 units. C) 25 units. D) 100 units.
When aggregate expenditure increases, the price level either decreases or remains unchanged, but it cannot increase
Indicate whether the statement is true or false
When a tax is placed on the buyers of tennis racquets, the size of the tennis racquet market
a. and the price paid by buyers both decrease. b. decreases, but the price paid by buyers increases. c. increases, but the price paid by buyers decreases. d. and the price paid by buyers both increase.
Answer the following questions true (T) or false (F)
1. If it costs Danitra $225 to create 4 necklaces and $275 to create 5 necklaces, then the marginal cost of producing the 5th necklace is $50. 2. Suppose the extra cost to a city of lowering the speed limits in all school zones by 10 mph is $10,000 per year. Then, the city should lower the school-zone speed limits by 10 mph if doing so results in an additional benefit of less than $10,000 per year. 3. All economic questions arise from the fact that resources are scarce.