What is the marginal product of the third hour of? labor?
The following is a hypothetical short-run production function:
Hours of Total Marginal
Labor Output Product
0 ___ ___
1 100 100
2 ___ 80
3 240 ___
A. 60
B. 80
C. 100
D. 240
Answer: A. 60
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Which of the following is most likely to be an inferior good?
A. rice B. designer coats C. ocean cruises D. steak
If the minimum wage is set above the market wage
A) unemployment will rise. B) the quantity of labor supplied will be below the quantity of labor demanded. C) highly-skilled workers will have a harder time finding jobs. D) All of the above are correct.
The existence of marginal social benefits which are not marginal benefits for the industry producing the import substitutes
A) is an argument supporting free trade and non-governmental involvement. B) is an argument supporting the use of an optimum tariff. C) is an argument supporting the use of market failures as a trade-policy strategy. D) is an argument rejecting free trade and supporting governmental involvement. E) is an argument rejecting the domestic market failure concept.
When two goods are substitutes, a shock that raises the price of one good causes the price of the other good to
A) remain unchanged. B) decrease. C) increase. D) change in an unpredictable manner.