Given the table below, if labor is fixed at three units, how much does the third unit of capital add to total output? 
Amount of total output produced from various combinations of labor and capital.
A. 80
B. 60
C. 110
D. 130
E. none of the above
Answer: B
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Suppose the relationship between a person's age and his or her height is plotted with the age measured along the x-axis and the height measured along the y-axis. Then, the curve showing this relationship is
A) a straight line with a positive slope. B) positively sloped and becoming less stee
In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by
A) passing the North American Free Trade Agreement (NAFTA). B) establishing the General Agreement on Tariffs and Trade (GATT). C) establishing the World Trade Organization (WTO). D) passing the Smoot-Hawley Tariff.
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A) contraction of the money supply. B) the stock market crash. C) speculative behavior of investors. D) rapid inflation.
Suppose the market for grass seed is expressed as:
Demand: QD = 100 - 2p Supply: QS = 3p Price elasticity of supply is constant at 1. If the supply curve is changed to Q = 8p, price elasticity of supply is still constant at one. Yet with the new supply curve, consumers pay a larger share of a specific tax. Why?