If labor is the only variable input, an additional worker increases output from 72 to 78 units, and the product price is $6, the marginal revenue product from an additional worker:
a. is $6
b. is $36.
c. is $78.
d. is $432.
b
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A government program, once started, perpetuates itself because those in charge of administering the program often become its strongest supporters
a. True b. False
Other things the same, when the price level rises, interest rates
a. rise, which means consumers will want to spend more on homebuilding. b. rise, which means consumers will want to spend less on homebuilding. c. fall, which means consumers will want to spend more on homebuilding. d. fall, which means consumers will want to spend less on homebuilding.
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
What will be an ideal response?
Inheritance taxes tend to increase income inequality in the long run
a. True b. False Indicate whether the statement is true or false