Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of
A) diminishing marginal product.
B) diminishing marginal utility.
C) diminishing marginal workforce.
D) diminishing marginal inputs.
Answer: A
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Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied.
Answer the following statement true (T) or false (F)
Sebastian decides to open a tree farm. When deciding to open his own business, he turned down two separate job offers of $25,000 and $30,000 and withdrew $20,000 from his savings. Sebastian's savings account paid 3 percent interest. He also borrowed $20,000 from his brother, whom he pays 2 percent interest per year. He spent $15,000 to purchase supplies and earned $50,000 in revenue during his
first year. Which of the following statements is correct? a. Sebastian's total explicit costs are $15,400. b. Sebastian's total implicit costs are $55,600. c. Sebastian's accounting profit is $35,000. d. Sebastian's economic profit is $4,600.
During last year, a country produced 20,000 pizzas and 10,000 hamburgers and nothing else. The pizzas sold for $10.00 each and the hamburgers for $3.00 each. Nominal GDP was
A) $230,000. B) $70,000. C) $460,000. D) $390,000. E) $360,000.
The larger the MPC, the smaller the value of the multiplier
Indicate whether the statement is true or false