Which of the following is best characterized as a public? good?
A. A church
B. Police protection
C. Primary education
D. A public library
Ans: B. Police protection
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Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per 8-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MRP of the second barber is
A. 18 haircuts. B. 42 haircuts. C. $126. D. $108.
In the above figure, the average product of labor at point c is
A) 10. B) 5. C) 2. D) None of the above answers is correct.
What was particularly significant about the failure of the Bank of New England in 1991?
A) It was the FDIC's first use of the purchase and assumption method. B) It fell under the FDIC's "too big to fail" policy. C) The FDIC had to delay bank liquidation due to lack of funds. D) The FDIC began its policy of insuring checkable deposits fully.
Price ceilings are primarily targeted to help
a. No one b. Consumers c. Producers d. Government