Refer to Table 3.1. Suppose that you have a house that you rent out. If you keep the lawn maintained, you can charge a higher monthly rent for the house. Suppose your hourly wage from your job at the mall is $10, what is the net benefit of spending 12 hours per week maintaining the lawn of the house?
A. $120
B. $210
C. $320
D. $330
B. $210
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Refer to the above table. What does the marginal product equal when the quantity of labor goes from 1 to 2?
a. 26 b. 92 c. 23 d. 46
Marginal utility can be measured by the change in:
a. total utility / the change in quantity. b. income / the change in utility. c. quantity / the change in income. d. price / the change in utility. e. income / the change in price.
According to the Keynesian model, increased foreign spending for U.S. goods is likely to
a. reduce total employment in the United States. b. increase total employment in the foreign country. c. reduce total output in the United States. d. increase total output in the United States.
Exhibit 4-2 Supply and demand curves
The market shown in Exhibit 4-2 is initially in equilibrium at E3. Changes in market conditions result in a new equilibrium at E4. This change is stated as a(n):
A. increase in demand and an increase in supply. B. decrease in demand and a decrease in quantity supplied. C. increase in supply and an increase in quantity demanded. D. decrease in supply and a decrease in quantity demanded.