A firm's marginal revenue product of labor curve is also
A. its labor demand curve.
B. its long-run input cost function.
C. its total revenue line.
D. its marginal cost curve.
Answer: A
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Which of the following is NOT a normative economic statement?
A) States should reduce the tax on heating fuel oil during the winter. B) The price of gasoline is too high. C) People over the age of 75 should not be allowed to drive cars. D) Teenagers are responsible for most driving fatalities. E) We don't spend enough money on anti-smoking campaigns.
The Troubled Asset Relief Program (TARP) totaled ____ and the fiscal stimulus package of 2009 totaled ____
a. $1.4 trillion; $800 billion b. $1.4 trillion; $700 billion c. $700 billion; $800 billion d. $700 billion; $1.4 trillion
If this firm were a perfect competitor selling its entire output at a price of $10, the marginal revenue product of the fourth unit of output would be
A. $0.
B. $10.
C. $15.
D. $20.
If an emissions tax is imposed but it is less than the optimal Pigouvian tax, then:
a. the marginal social benefit of pollution is greater than the marginal social cost of pollution. b. the marginal social cost of pollution is greater than the marginal social benefit of pollution. c. total surplus will be maximized. d. the amount of pollution will be less than the socially optimal amount.