Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 How many units of output can be produced when three units of labor are employed in Table 21.3?
A. 66.
B. 30.
C. 96.
D. 31.
Answer: C
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According to economic theory, a politician
A) expands activities whose marginal benefit exceeds marginal cost. B) contracts activities whose marginal cost exceeds marginal benefit. C) does not necessarily act on narrow or selfish interests. D) does all of the above. E) does none of the above.
Widgets R Us, which is a price-taking firm, is currently producing 250 units of output. The market price is $3 per unit, the marginal cost of the 250th unit is $2.75, average total cost is $3.50 per unit, and average variable cost is $2.50 per unit
What advice should you give Widgets R Us? A) Increase output to reduce losses. B) Continue to produce 250 units in the short run. C) Shut down to minimize losses. D) Decrease output to 200 units.
Which of the following can be classified as a regressive tax?
a. Excise tax. b. Sales tax. c. Gasoline tax. d. All of these.
Which of the following is a component of aggregate demand?
A. Consumption B. Investment C. Net exports D. All of these are components of aggregate demand.