If bicycles can be sold for $100 each, and the marginal product of hiring a third worker is 2 bicycles, then the marginal revenue product from hiring that worker is
a. 2 bicycles
b. $200
c. $100
d. $1,000
e. $300
B
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If a price ceiling is introduced in the market for milk below the market equilibrium price, then the producer surplus made by dairy farmers
A) will increase. B) will decrease. C) will not change. D) might increase or decrease depending on whether the demand for milk increases or decreases. E) might increase or decrease depending on whether the supply of milk decreases or increases.
Why do/should we care that federal expenditures are becoming an increasingly larger portion of GDP?
What will be an ideal response?
What is the motivation for individuals to hold money?
A. to reduce risk B. to have liquidity C. to facilitate transactions D. All of these
Describe the basic issues involved in setting up a system of national accounts that includes the value of environmental capital and its loss
What will be an ideal response?