Suppose that one worker can produce 15 cookies, two workers can produce 40 cookies together, and three workers can produce 75 cookies together. What is the marginal product of the 2nd worker?
A. 20 cookies
B. 35 cookies
C. 40 cookies
D. 25 cookies
Answer: D
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Positive economic analysis
a. involves the study of firms with positive profits. b. involves how resources are actually used in an economy. c. involves judgments on how resources should be used in an economy. d. is usually thought to be a waste of time.
The CPI but not the GDP deflator takes into account
a. The prices of imports that consumers buy b. Investment goods bought by businesses c. Goods bought by the government d. None of the above
The term “stagflation” was invented in the 1970s to describe an economy experiencing both
A. deflation and economic stagnation. B. inflation and economic stagnation. C. high inflation and high employment. D. high inflation and high levels of economic growth.
Refer to the information provided in Table 19.4 below to answer the question(s) that follow.Table 19.4Total IncomeTotal Taxes$10,000 $1,000 20,000 2,400 30,000 4,500 40,000 8,000Related to the Economics in Practice on page 393: Refer to Table 19.4. If income increases from $20,000 to $30,000, the marginal tax rate is
A. 3%. B. 15%. C. 21%. D. indeterminate from this information.