If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is
A) 2 chairs.
B) 3 chairs.
C) 4 chairs.
D) 38 chairs.
Answer: A
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Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $A. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean and $300,000 if it's polluted. If _______, then abatement would be efficient.
A. A < 300,000 B. A > 100,000 C. A < 100,000 D. A < 400,000
Refer to the Article Summary. All else equal, if countries decide to enact protectionist measures against Chinese steel imports, the price of steel in those countries will ________ and the quantity of steel demanded in those countries will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Refer to Table 16-3. If Julie charges $10 per hour, what is the value of the consumer surplus received by Dawn?
A) $2 B) $10 C) $12 D) $22
How did the United States become a net debtor in the 1980s? Is our foreign debt a significant problem? Explain
What will be an ideal response?