Suppose the MC Hammer Company produces hammers. The number of hammers it can produce each hour depends on the number of workers it hires, as shown in the accompanying table. In addition, each hammer can be sold for $2 more than the cost of the materials needed to produce it.Number of workers per hourNumber of hammers per hour00120236348456560 What is the value of the marginal product of the 2nd worker hired each hour?
A. $36
B. $16
C. $32
D. $72
Answer: C
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Which of the following is NOT a normative economic statement?
A) States should reduce the tax on heating fuel oil during the winter. B) The price of gasoline is too high. C) People over the age of 75 should not be allowed to drive cars. D) Teenagers are responsible for most driving fatalities. E) We don't spend enough money on anti-smoking campaigns.
"OPEC should supply more oil so that the world's economies can grow more rapidly." This is an example of
A) a normative statement. B) a positive statement. C) a decision at the margin. D) OPEC overcoming scarcity.
Answer the following statement(s) true (T) or false (F)
1. Municipal solid waste includes nonhazardous and hazardous wastes disposed of in local communities. 2. According to available U.S. trend data, the number of landfills in the country has been increasing since 1960. 3. In the United States, the composition of MSW is categorized both by materials and by products. 4. The highest proportion of products in the MSW stream is consumer electronics. 5. One of the fastest growing segments of the MSW stream is plastics.
An event that changes the supply of any factor of production can alter the earnings of all the factors
a. True b. False Indicate whether the statement is true or false