Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 60 cookies together. What is the average product of the first two workers?
A. 15 cookies
B. 20 cookies
C. 35 cookies
D. 17.5 cookies
Answer: D
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The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian. b. Supply-side. c. Demand management. d. Classical.
Suppose that a firm earned $500,000 in total revenue. At the same time, it incurred labor costs of $200,000; economic depreciation of $50,000; normal profit of $75,000; interest paid to the bank of $25,000; and used other factors of production that
cost $100,000. The economic profit earned by the firm equals A) $275,000. B) $175,000. C) $50,000. D) $200,000. E) $500,000.
Everything else held constant, when stock prices become less volatile, the demand curve for bonds shifts to the ________ and the interest rate ________
A) right; rises B) right; falls C) left; falls D) left; rises
A decline in taxes ________ consumer expenditure and shifts the ________ curve to the ________, everything else held constant
A) raises; LM; right B) lowers; IS; left C) raises; IS; right D) lowers; LM; left