In the above table, average product is 30 tablets when
A. 3 workers are employed.
B. 2 workers are employed.
C. 4 workers are employed.
D. 1 worker is employed.
Answer: D
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The social costs associated with some policy initiative are
a. readily identified b. described as the spending needed to compensate society for the resources used so that its utility level is maintained c. must account for all price, output, and income effects linked to that initiative d. all of the above e. (b) and (c) only
Suppose the current level of real GDP is below the full-employment level of real GDP. Which of the following represents a fiscal policy action that could be implemented to reduce the size of this recessionary gap?
A. Increase the money supply. B. Decrease interest rates. C. Increase government spending. D. all of these
Monopolies are discouraged in the United States because
A) they are more efficient than other industries. B) they can produce at lower cost in the short run. C) they restrict output and boost prices. D) they hire too many workers.
Why could diseconomies of scale never occur if production relationships were only technical relationships?
A. Because producers would have a greater variety of methods of production to avoid the diseconomies. B. Because the same technical process could be used over and over again at the same cost. C. Because having technical relationships would mean that managers would not have to choose among production techniques. D. Because technical relationships mean that the marginal cost curve would be flat.