Household savings rates:
A. were negative in China in 2014.
B. were 49% in China in 2014.
C. were fairly constant at about 8% in China from 2000 to 2010.
D. have been roughly 10% for the last 30 years or so in China.
B. were 49% in China in 2014.
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Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fourth mechanic, what will be the marginal product of the new mechanic hired?
a. 11 b. 13 c. 2 d. 7
Two companies, Dirty Inc. and Filthy Inc., each of which has access to 5 different production processes, each of which has a different cost and produces a different amount of pollution. The daily costs of the processes and the number of tons of smoke emitted are shown in the table below.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Dirty Inc. ($/day)$100$200$380$740$1,460Cost to Filthy Inc. ($/day)$400$430$490$580$700 Suppose pollution is initially unregulated. If the City Council imposes a tax of $91 per day on each ton of smoke emitted, then what will be the total cost to society of the resulting reduction in pollution?
A. $270 B. $360 C. $90 D. $180
Medicaid is available to all over 65, including those not poor
Indicate whether the statement is true or false
A labor intensive production process is one in which:
A. a lot of labor is hired relative to the total inputs needed to produce the good. B. highly skilled labor is needed to produce the good. C. a part of the production process must be done by labor and cannot be substituted. D. total costs will be minimized if labor is the primary factor of production used.