Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 200 computers are produced per week
Given this information, the marginal product of the third worker is A) 210 computers per week.
B) 70 computers per week.
C) 60 computers per week.
D) 50 computers per week.
D
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The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. The equilibrium level of real GDP is
A) $700 billion. B) $400 billion. C) $500 billion. D) $600 billion. E) $800 billion.
Which one of the following transactions in a particular year is included in gross domestic product for that year?
A) Social Security payments to retirees B) The government pays a computer services company that assisted in the delivery of Social Security payments to retirees. C) A car is produced in the previous year and remains in inventory for the entire year under consideration. D) A stay-at-home parent performs housework that the family would otherwise have paid a maid $20,000 a year to perform.
If price increases and the quantity purchased increases, we know that
A) supply increased. B) supply decreased. C) demand increased. D) demand decreased.
The more inelastic is demand and supply, the:
A. larger is the efficiency loss of an excise tax. B. smaller is the efficiency loss of an excise tax. C. higher is the proportion of an excise tax paid by consumers. D. smaller is the proportion of an excise tax paid by producers.