Interest is the payment for the use of:
a. borrowed funds
b. natural resources.
c. labor.
d. any factor of production.
a
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If zinc suppliers are successful in forming an international zinc cartel, they will experience
a. lower output and higher prices, which discourage the entry of new firms into the industry b. lower output, higher prices, and the need to organize an effort to prevent the entry of new firms into the industry c. higher output and higher prices, which discourage the entry of new firms into the industry d. higher output, higher prices, and the need to organize an effort to prevent the entry of new firms into the industry e. none of the above
A country decides to reduce its government spending. The resulting economic change will be represented by a(n):
a. upward movement along the aggregate demand curve. b. downward movement along the aggregate demand curve. c. leftward shift of the aggregate demand curve d. rightward shift of the aggregate demand curve.
Table 30.1Number of workers (per hour)Total output (per hour)Marginal physical product (output per worker)Total revenue (dollars per hour)Marginal revenue product (dollars per hour worker)14---________---210________________________315________________________419________________________522________________________Assume that the product price is $4 per unit and that the hourly wage for workers is $12. Neither price nor wage changes with output. In Table 30.1, the marginal physical product of the third worker hired is
A. 15 units per hour. B. 3 units per hour. C. 4 units per hour. D. 5 units per hour.
A snowplow will generate a net income of $2,000 per year for its owner. After 8 years, the plow will break down and have zero value. The maximum amount of money anyone would pay for the plow is
a. less than $2,000 b. $2,000 c. between $2,000 and $16,000 d. $16,000 e. more than $16,000