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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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.
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