The following chart indicates the reductions in total losses due to theft if a jewelry store hires additional security guards.
Number
Dollar Value of
of Guards
Thefts Prevented
1
150
2
240
3
310
4
360
5
400
6
430
If the security guards can be hired for $45 per day, how many guards should the shop hire?
A. 2.
B. 3.
C. 4.
D. 5.
Answer: C
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The above table shows the total product schedule for the campus book store. If employees are paid $6 per hour and there are no other variable costs, then what is the marginal cost (MC) per book of increasing book sales from 83 to 87 books per hour?
A) $6.00 B) $4.00 C) $2.07 D) $1.50
What is the meaning of "a defective telescopic faculty," as described by A.C. Pigou?
a. Persons are unable to plan rationally for consumption. b. Persons zero in on something and cannot consider alternatives. c. Persons seek long-term goals and ignore present problems. d. Persons are unable to give adequate weight to the future.
Consumption possibilities, during a given time period, refer to the
A. Amount by which a country can expand its production possibilities by engaging in international trade. B. Maximum amount that a country can produce if it imports and does not export. C. Maximum amount of imported goods and services that a country can consume. D. Alternative combinations of goods and services that a country could consume in a given period of time.
Figure 4-6
The deadweight loss of the tax illustrated in is given by the area
a.
ABEH.
b.
DFE.
c.
EKG.
d.
EFG.