Table 7.2 shows labor and the quantity of shoes produced by a firm. Given the information in the table below, _____ is the average product of the third unit of labor. ? Labor Total product (pairs of shoes) 0 0 1 20 2 50 3 75 4 80 5 75
a. ?15 pairs of shoes
b. ?10 pairs of shoes
c. ?25 pairs of shoes
d. ?45 pairs of shoes
e. ?75 pairs of shoes
Answer: c. ?25 pairs of shoes
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Assume that in an all-currency economy the real interest rate is 4%, the expected rate of inflation is 8%, and the nominal interest rate is 12%. The monetary base equals $50 billion
The real seignorage revenue collected by the government would equal A) $4 billion. B) $6 billion. C) $8 billion. D) $12 billion.
Refer to the payoff matrix below. Which of the following is the dominant strategy equilibrium?
A) Set Low Price/Set Low Price
B) Set High Price/Set High Price
C) Set High Price/Set Low Price
D) Set Low Price/Set High Price
The Taft-Hartley Act of 1947 outlawed
A) strikes. B) make-work rules and forcing unwilling workers to join a union. C) right-to-work states. D) none of the above.
A firm's explicit costs are
a. the opportunity costs of the owners b. its depreciation costs c. the money paid for use of inputs d. the foregone rents on owner occupied office space e. irrelevant to the determination of economic profit