Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 1, labor productivity is equal to
A. 0.25.
B. 1.0.
C. 2.0.
D. 4.0.
Answer: D
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Joe consumes pizza and movies. He is currently spending his entire income and his marginal utility of pizza is 10 and his marginal utility of movies is 5
If the price of a pizza is $10 and the price of a movie is $5, then to maximize his utility Joe should A) increase consumption of pizza and decrease consumption of movies. B) increase consumption of movies and decrease consumption of pizza. C) not change his current bundle of movies and pizza. D) increase consumption of both goods.
Each potential short-run average total cost curve is tangent to the long-run average cost curve at:
a. the level of output that minimizes short-run average total cost. b. the minimum point of the average total cost curve. c. the minimum point of the long-run average cost curve. d. a single point on the short-run average total cost curve.
Which of the following statements is correct?
a. The poverty line is a relative standard. b. More families are pushed above the poverty line as economic growth pushes the entire income distribution upward. c. Increasing income inequality reduces poverty. d. Economic growth, by definition, affects all families equally.
Suppose that country A pegs its currency to the currency of country B. Which of the following will NOT be a benefit of this arrangement to country A?
A) lower transactions costs for A to conduct international trade with country B B) increased capital flows between the two countries because of increased certainty of future exchange rates C) decreased migration between the two countries because of increased certainty of future exchange rates D) lower costs of economic transactions costs between the two countries, leading to welfare gains for country A