Table 10.1Refer to Table 10.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. The marginal revenue that Gladys receives from selling the fourth unit of output is:
A. $3.
B. $6.
C. $10.
D. $24.
Answer: A
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"If event X occurs then event Y will follow" is a
A) positive statement. B) normative statement. C) non-testable statement. D) statement lacking in logic.
How much is saving?
C = $4.5 trillion Disposable income = $5 trillion Autonomous consumption = $3 trillion
If total output increases from $100 billion to $200 billion as population increases from 100 million to 150 million, then output per person:
A. doubles. B. decreases C. increases, but by less than 100 percent. D. remains constant.
In which of the following scenarios would a tax be least likely to affect the amount of labor supplied?
A. A 10 percent tax on the earnings of NFL quarterbacks B. A 10 percent tax on the earnings of fast-food workers C. A 10 percent tax increase on the earnings of all workers D. A 10 percent tax decrease on earnings of construction workers