Refer to the table shown. If the number of workers is three, total output is:Number of workersMarginal product of workers1225394145166177188189171015
A. 16.
B. 27.
C. 9.
D. 36.
Answer: B
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A 10 percent increase in the cost of restaurant meals, which are a luxury, will most likely
A. increase the purchase of meals by 10 percent. B. increase the purchase of meals by less than 10 percent. C. decrease the purchase of meals by more than 10 percent. D. decrease the purchase of meals by less than 10 percent.
Consumers face a higher tax burden when demand is more elastic, other things constant
a. True b. False Indicate whether the statement is true or false
cyclical unemployment is best defined as
a. deviation of unemployment from the natural rate b. unemployment dued to individuals searching for new jobs c. chronic unemployment dued to wages not balancing with goods and services d. unemployment associated with inefficiency in capital markets e. unemployment resulting from people who don't wish to work.
If people decide to hold less money, then
a. money demand decreases, there is an excess supply of money, and interest rates rise. b. money demand decreases, there is an excess supply of money, and interest rates fall. c. money demand increases, there is an excess demand for money, and interest rates fall. d. money demand increases, there is an excess demand for money, and interest rates rise.