Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a gallon of wine in France is
A) 0.33 pound of beef.
B) 0.5 pound of beef.
C) 2 pounds of beef.
D) 3 pounds of beef.
B
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How do changes in expectations, fiscal policy and monetary policy, and the world economy change aggregate demand and the aggregate demand curve?
What will be an ideal response?
Refer to Figure 11-1. The marginal product of the 3rd worker is
A) 57. B) 19. C) 15. D) 11.
Refer to Table 18-9. Sylvia is a single taxpayer with an income of $70,000. What is her marginal tax rate and what is her average tax rate?
A) marginal tax rate = 8%; average tax rate = 19.3% B) marginal tax rate = 30%; average tax rate = 22.5% C) marginal tax rate = 20%; average tax rate = 30% D) marginal tax rate = 30%; average tax rate = 30%
When MR < MC for a firm, the firm should
A) reduce its level of output. B) stay at the same level of output. C) stop producing. D) increase output, unless P < AVC.