Refer to the information provided in Table 21.9 below to answer the question(s) that follow. Table 21.9
Refer to Table 21.9. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is
A. $168.
B. $179.
C. $202.
D. $214.
Answer: A
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Assume that at the current level of output a firm's marginal cost and average variable cost of production are both decreasing
Based on this, we can conclude that the marginal product and average product of the firm's variable input(s) are both increasing. Indicate whether the statement is true or false
The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
What will happen to the demand for Nabisco brand Chips Ahoy! chocolate chip cookies if Pillsbury introduces ready-to-eat chocolate macadamia nut cookies?
Taxes are of interest to
a. microeconomists because they consider how to balance equality and efficiency. b. microeconomists because they consider how best to design a tax system. c. macroeconomists because they consider how policymakers can use the tax system to stabilize economic activity. d. All of the above are correct.