Suppose it costs a farmer $1.00 to produce 1 unit of corn, $2.10 to produce 2 units of corn, and $3.30 to produce 3 units of corn. What's the average cost of producing 3 units of corn?
A) $1.00
B) $1.10
C) $2.10
D) $3.30
B
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Refer to the Article Summary. If the Federal Reserve's announcements about upcoming monetary policy decisions are not seen as credible, as Senator Pat Toomey alludes to regarding the Fed's changing projections as to when they would increase interest
rates, which of the following would you expect to see? A) Inflation expectations will accurately reflect actual inflation. B) Expansionary monetary policy will result in lower rates of inflation. C) The Federal Reserve will have more control over the inflation rate. D) Firms and workers will be unable to accurately forecast changes in the rate of inflation.
If the initial distribution of two goods between two people is Pareto optimal, which of the following statements is TRUE?
A) It is possible to reallocate the goods between the two people so as to increase the utility of both people. B) It is possible to reallocate the goods between the two people so as to increase the utility of one person without decreasing the utility of the other. C) It is possible to reallocate the goods between the two people so as to increase the utility of one person, but only at the expense of the other person. D) It is impossible to reallocate the goods between the two people so as to increase either person's utility. E) none of the above
In the above figure, what is the wage rate for the perfectly competitive market?
A) W1 B) W2 C) W3 D) W4
Draw another supply curve S to indicate a $1 tax increase. (a) How much of this tax is borne by the buyer? (b) How much of this tax is borne by the seller?
