In the above table, the average product is less than the marginal product
A) when the first worker is hired.
B) when the second worker is hired.
C) when the third worker is hired.
D) for the entire range of output given.
B
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If no one can be excluded from consuming its benefits and there is no rivalry in consumption, then the good is a ________ good.
A. free B. Pareto C. public D. private
Refer to Table 2-11. What is China's opportunity cost of producing one digital camera?
A) 0.04 pounds of wheat B) 4 pounds of wheat C) 25 pounds of wheat D) 40 pounds of wheat
The government of Marina imposes a tax on alcoholic beverages because of the increasing costs of sending first responders to accidents that are caused by drunk driving. This is an example of a _____
a. cap-and-trade tax b. corrective tax c. gift tax d. property tax
A hypothetical open economy has a marginal propensity to import (MPI) equal to 0.2 and a marginal propensity to consume equal to 0.7. Assume that the economy is initially in equilibrium. Refer to Scenario 10.2. What is the marginal propensity to save of this economy?
a. 0.2 b. 0.3 c. 0.7 d. 0.9 e. 0.6