Refer to the scenario above. If the individual places his bet on four pockets, his likelihood of winning is:
A) 1%.
B) 4%.
C) 8%.
D) 10%.
C
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In the presence of a negative externality, a specific tax can achieve the social optimum because
A) output is reduced to zero as a result. B) it internalizes the external cost. C) it directly charges the producer for polluting. D) the price of the good rises by the full amount of the tax.
Suppose that an accounting firm with 10 employees hires another accountant. By doing so, it goes from serving 30 customers each week to serving 32 customers each week. What is the marginal product of labor for the new accountant?
A. 32 B. 2 C. 62 D. 10
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. If Country A were to divide its resources equally, it could produce:
A. 30 cars and 6 trucks.
B. 25 cars and 5 trucks.
C. 15 cars and 3 trucks.
D. 10 cars and 4 trucks.
The distinguishing characteristics of different market structures include
a. how frequently the product is purchased b. the extent of capitalization in the industry c. the presence or absence of technological innovation d. the presence or absence of collusion e. both the number of sellers and the number of buyers