Assume the total product of two workers is 80 and the total product of three workers is 90. The average product of three workers is ________, and the marginal product of the third worker is ________.
A. 160; 270
B. 10; 13.33
C. 30; 10
D. 10; 45
Answer: C
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Refer to the above figure. Which point or points represent(s) a long-run equilibrium?
A) A only B) B only C) C only D) both A and B
You are trying to design a tax system that will simultaneously achieve both of the following goals: 1) two people with the same total income would pay taxes of the same amount, and 2) a high-income person would pay a higher fraction of income in taxes than a low-income person. Which of the following tax systems could achieve both goals?
a. a lump-sum tax b. a regressive tax c. a progressive tax d. a proportional tax
Suppose that the market price for hot dogs sold by street vendors has just risen from $4.50 to $5.00, and that in response Curly has now begun operating a hot dog cart. We can assume that Curly's reservation price for hot dogs is:
A. greater than $4.50 but no more than $5.00. B. at least $5.00. C. $4.50. D. $5.00.
When money provides a yardstick that allows individuals to compare the relative values of goods and services, it is functioning as a
A. unit of accounting. B. standard of deferred payment. C. medium of exchange. D. store of value.