Refer to Figure 11-1. The marginal product of the 7th worker is
A) 66. B) 9.43. C) 2. D) -2.
D
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According to the economic way of thinking, it is efficient to support a system of law and order through taxation because
A) we need law and order. B) law and order are not free goods. C) law and order create significant spillover benefits. D) citizens ultimately despise law and order.
Under the flexible exchange rate, lowering the price of a foreign currency will
A) allow the expansion of monetary policy without causing inflation. B) decrease the foreign country's output. C) prevent a foreign price increase from causing deflation at home. D) cause a home price increase to be exported to the foreign markets. E) cause a "beggar-thy-neighbor" effect.
Which of the following situations is the most common? Men and women
a. doing the same job and getting equal pay. b. doing the same job and getting unequal pay. c. doing very different kinds of work and consequently having different earnings. d. randomly distributed across occupations with average earnings about equal.
A local restaurant offers an "all you can eat" Sunday brunch for $12. Jenica eats two servings but leaves half of a third helping uneaten. Why?
a. Her marginal value of brunch has fallen below $12. b. Her marginal value of additional food has fallen below $4 ($12 divided by 3 servings). c. Her marginal value of an additional bite of food has fallen to zero. d. The total value she places on brunch today exactly equals $12.